Wednesday, June 28, 2006
Saudi extends P2.2B loan for Mindanao road projects
KORONADAL CITY -- The Saudi Arabia government is extending some P2.2 billion worth of loan to finance road projects in different parts of Mindanao to further enhance movement of goods and people in the island beset by decades-old armed conflict, a government official disclosed last week.
Ma. Lourdes Lim, regional director of the National Economic and Development Agency, said the amount was a concession loan of the Philippine government from the Saudi Development Fund.
"The loan agreement is already settled and we expect actual works to start in the near term," she said.
The fund will cover the construction of the P873 million Cotabato City East Diversion Road project and the concreting of the Lake Lanao circumferential road (P773.2 million) and the Basilan circumferential road (P628 million).
Lim said the Cotabato City diversion road will cover a stretch of 12 kilometers and four bridges.
Also, the Awang-Upi-Lebak road, which connects Maguindanao and Sultan Kudarat provinces, has been funded by the Japan Bank for International Development with at least P347.8 million.
"The work plan for the Awang to Lebak road is currently under study and actual construction could start by 2007," she said.
Lim said the government is catching up its development program not just for Central Mindanao but the Autonomous Region in Muslim Mindanao as well.
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(June 26, 2006 issue)
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