ADB OKs $1.45-B final tranche for Malolos-Clark Railway Project

Multilateral lender Asian Development Bank on Wednesday said it has approved $1.45 billion as the second and final tranche of its multitranche financing facility for the Malolos-Clark Railway Project which seeks to connect Clark with Metro Manila and Calamba, Laguna.

In a statement, ADB cited the need for the MCRP, as it said it will continue to assist in the implementation of the project and provide livelihood support for vulnerable communities via technical assistance after the $1.3-billion first tranche of the financing facility for the project which it approved in 2019 has been fully utilized.

“The Malolos-Clark Railway Project is one of ADB’s biggest project financing in the entire Asia and Pacific region. We are proud to partner with the government in making the vision of a world-class mass transportation system in the country a reality,” ADB Philippines country director Pavit Ramachandran said.

“This major transformative project will spur more investments, create jobs, and contribute to sustaining the country’s growth momentum,” he added.

The MCRP is a 53.1-kilometer segment of the 163-kilometer North-South Commuter Railway (NSCR), which will have three types of commuter service — regular commuter trains, express trains with stops at stations with high passenger demand, and airport express trains connecting to Clark International Airport.

ADB will also finance the South Commuter Railway Project, the southern leg of the NSCR system, with the Japan International Cooperation Agency (JICA) cofinancing the MCRP.—AOL, GMA Integrated News