Light Rail Transit 1 operator Light Rail Manila Corp. took home the ‘Transport Deal of the Year’ in the recent Asset Asian Awards 2017 in Hong Kong for its P24-billion project loan facility.
LRMC’s project deal was recognized in the Triple A Asia Infrastructure Awards, which highlights the importance of investing in infrastructure development to aid in economic growth. The award was given by the Asset Publishing and Research Ltd., a multi-media company serving the elite community of leading corporate and financial decision makers in Asia.
Signed in February 2016 by LRMC together with local banks Metropolitan Bank & Trust Company, Security Bank Corp. and Rizal Commercial Banking Corp., the P24-billion loan facility is allotted to finance the construction of the LRT-1 Cavite extension and rehabilitation of the existing LRT-1 system.
The 15-year omnibus loan and security agreement is expected to benefit 300,000 more passengers from the southern cities of Manila.
Majority of the loan or P15.3 billion will be used for the 11.7-kilometer Cavite extension project, which is expected to finish by 2021. The remaining 8.7 billion will be used for the rehabilitation program of the existing line, which runs from Baclaran in Parañaque City to Roosevelt in Quezon City.