Japan to lend 1.3 trillion yen to build railways in the Philippines

Through the Japan International Cooperation Agency (Jica), Japan has announced that it is promising to lend the Philippines JPY 1.3 trillion (~PHP 625USD 11INR 903EUR 10CNY 78 billion) as an aid to construct more railways in the country.

Kiyo Kawabuchi, senior representative of Jica Philippines, stated that the agency already pledged loans of about JPY 400 billion (~PHP 192USD 3INR 277EUR 3CNY 24 billion) of official development assistance (ODA) for the railway projects. The agency said that the following projects are now using the Jica finance:

• Light Rail Transit (LRT) Line 1 Cavite Extension
• LRT Line 2 East Extension
• Metro Manila Subway
• Metro Rail Transit (MRT) Line 3 Rehabilitation
• North-South Commuter Railway

Kawabuchi also stated that:

Jica aims to impact on wealth being distributed to other areas outside Metro Manila through investments and jobs. Once completed, these transport infrastructure projects will help realize the shared vision of Jica and the Philippines towards reduced traffic congestion, seamless mobility, and better quality of life of many Filipinos.

via Inquirer.net