Finance Secretary Carlos Dominguez on behalf of the Philippines, and Asian Development Bank Vice President Ahmed Saeed for the multilateral financial institution signed on Thursday (July 11) the USD 1.3-billion loan agreement representing the first tranche of ADB’s financing for the Malolos-Clark Railway Project (MCRP) in Malacañan Palace. The signing ceremony was witnessed by President Rodrigo Roa Duterte.
ADB will help finance this project through a multi-tranche financing facility amounting to USD 2.75 Billion. This is ADB’s single largest infrastructure investment in the Philippines and in any country.
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