CCLEX project gets P19 billion funding

[vc_row][vc_column width=”1/1″][vc_column_text]The Cebu-Cordova Link Expressway (CCLEX) project was able to secure a P19 billion loan from six local banks, ensuring funding for its construction.

Project developer Cebu Cordova Link Expressway Corporation (CCLEC) signed on February 7, 2019 a 15-year omnibus loan and security agreement with the Rizal Commercial Banking Corporation, Development Bank of the Philippines, Robinsons Bank Corporation, Union Bank of the Philippines, Bank of the Philippine Islands, and Security Bank Corporation.[/vc_column_text][vc_single_image media=”79018″ media_width_percent=”100″][vc_column_text]Under a concession deal with the local governments of Cebu City and Cordova, CCLEC will construct, own, and operate the 8.5-kilometer toll bridge project with a total project cost of about P30 billion. The remaining funding requirements will be shouldered by the project company.

Actual construction of the expressway started last July 5, 2018. All 21 piles of the main bridge’s Tower 2 have been completed while 17 out of 21 piles in Tower 1 have been erected. These form part of the bridge’s main foundation. Piling works for the other project components such as the Cebu South Coastal Road on-ramp and viaduct are underway.

Once completed in 2021, CCLEX is expected to cater to an estimated 50,000 vehicles daily. This will significantly reduce traffic congestion at the existing two bridges connecting Mactan and mainland Cebu.

It is also expected to beef up Cebu’s road network, help spur economic growth, and boost investments not just in Cebu City and the Municipality of Cordova but throughout the province and Visayas region.

CCLEC is a subsidiary of Metro Pacific Tollways Corporation (MPTC), the largest toll road developer in the Philippines.

MPTC currently owns, manages, and operates the concessions of the North Luzon Expressway (NLEX), Subic Clark Tarlac Expressway (SCTEX), and Cavite Expressway (Cavitex). It also has other toll roads currently under construction, namely the Cavite Laguna Expressway (CALAEX), NLEX Connector Road, as well as the ongoing expansions of the NLEX.

MPTC also has substantial investments in other toll roads in southeast Asia, notably in Thailand, Vietnam, and Indonesia.[/vc_column_text][vc_custom_heading]

Photos of the signing

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