The Asian Development Bank (ADB) has approved up to almost USD1.7 billion in funding for the Laguna Lakeshore Road Network Project (LLRN) to promote regional connectivity and reduce travel time between Manila and Laguna province.
In a statement on Thursday, the ADB said the amount will be used to help build a climate-resilient 37.5-kilometer (km) expressway along the lake.
The ADB said the support to the LLRN will be via a multitranche financing facility consisting of two loans, a USD1.2 billion first tranche loan, and a USD509.5 million second tranche loan.
The Asian Infrastructure Investment Bank is co-financing the project with an additional USD188.2 million loan.
Under the LLRN, the ADB will fund the construction of a 29.56-km section of the new expressway, including bridges and viaducts that will traverse waterways flowing into the Laguna Lake, located southeast of Manila.
The ADB said the project aims to provide the most resilient road link within the southern Manila transport corridor and cut peak hour travel time between Taguig City in Metro Manila to Calamba City in Laguna province by 25 percent.
The 7.89-km northern section of the new expressway will be funded by a USD904.35 million loan from the Export–Import Bank of Korea, Economic Development Cooperation Fund under a parallel financing scheme.
“This investment further cements ADB’s commitment to help transform our host country’s transport infrastructure by facilitating climate- and disaster-resilient and sustainable development," said ADB Country Director for the Philippines Pavit Ramachandran
The project will help link people to jobs and business opportunities, reduce transport costs and traffic congestion, and improve the efficiency of the overall transport network in Metro Manila and nearby regions,” he added.
The LLRN is expected to benefit about 3.47 million people residing along the lake and nearby areas and improve access to markets and public services.
