Japanese Development Agency To Continue Funding Philippines Rail Expansion.

Legal News & Analysis - Asia Pacific - Philippines - Energy & Project Finance

5 July, 2019

 

Japan's international development agency, Japan International Cooperation Agency (JICA), still has 900 billion yen ($8.32bn) remaining of the 1.3 trillion yen it has pledged to lend to support the development of the Philippine railway system.
 

The Japanese government, through JICA, had previously allocated the funding to the Philippines to build more railways and ease traffic congestion.

 

 “In total, actually, we have only committed about 400 billion yen, so far, so at least for the railway sector, 900 billion yen [will go towards completing] the ongoing railway projects,” JICA senior representative Kiyo Kawabuchi said late last week, according to Businessworld.

 

The JICA is currently supporting five priority railway projects of the current government of the Philippines, with a total loan commitment of 595 billion yen. They include the first tranche of the Metro Manila Subway Project; the North-South Commuter Railway (NSCR) Project, plus the first tranche of the Extension Project; the Metro Rail Transit Line 3 Rehabilitation Project; the Light Rail Transit (LRT) Line 1 Cavite Extension Project; and the LRT Line 2 East Extension Project, according to Manila Bulletin.

 

This article was published in Out-law here.

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