Philippines, ADB seal loan agreement for Malolos–Clark Railway Project

MANILA, Philippines — The Philippine government and the Asian Development Bank signed Thursday a $1.3 billion loan deal for the Malolos–Clark Railway Project.

In a statement, the Manila-based multilateral lender said the loan agreement inked represents the first tranche of a total $2.75 billion credit facility to fund the railway project.

The project is part of the Philippine government’s North–South Commuter Railway project, which aims to link New Clark City to Calamba by 2025. 

“The project will use cutting-edge technology to build an elevated railway line, with a maximum train speed of 160 kilometers per hour, to help ease chronic road congestion in and around Metro Manila, reduce air pollution, cut the costs of transport and logistics, and encourage economic growth and a population shift outside the capital,” the ADB said.

The Malolos–Clark Railway Project is ADB’s single largest infrastructure project financing ever.

The Japan International Cooperation Agency, or JICA, is co-financing the project with an additional funding of up to $2 billion for the rolling stock and the railway systems. — Ian Nicolas Cigaral