THE Cebu-Cordova Link Expressway Corp. (CCLEC) has raised P19 billion in syndicated loans to fund the construction of its first toll bridge in Cebu.
In a statement, the Metro Pacific Investments Corp.-led company said it signed a 15-year omnibus loan and security agreement with Rizal Commercial Banking Corp., Development Bank of the Philippines, Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands, and Security Bank Corp.
This deal “assured” the “construction completion” of the Cebu-Cordova Link Expressway by 2021, the statement read.
The project, a joint venture among the local governments of Cebu City and Cordova and Metro Pacific Tollways Corp., calls for the construction of a P30-billion toll bridge project that will span 8.5 kilometers to connect Cebu City and Cordova.
CCLEC started building the infrastructure in July 2018. So far, it has completed 21 piles of the main bridge, and has erected 17 out of the 21 piles for its first tower. These make up the bridge’s main foundation.
“Piling works for the other project components such as the Cebu South Coastal Road on-ramp and viaduct are under way,” the statement read.
The toll bridge is expected to service over 50,000 vehicles daily, helping reduce traffic congestion at the two existing bridges that connect Mactan and mainland Cebu.