Megaworld unit gets $25-M loan from WB

Eastwood Cyber One Corp. (ECOC), a wholly-owned subsidiary of Megaworld Corp., has secured a $25-million loan from the World Bank’s lending arm for the private sector, the International Finance Corp., to finance projects at the Eastwood CyberPark in Libis, Quezon City.

Megaworld corporate information officer Francis Canuto said under the loan agreement IFC will extend a loan to ECOC the amount of $25 million payable in 25 years with a three-year grace period on the principal payment. Megaworld, as the parent company, shall guarantee the due and punctual payment of the loan.

He said the proceeds of the loan will be used to fund information technology projects in Eastwood CyberPark which is shaping up as one of the most progressive IT zones in the metropolis.

IFC is a member of the World Bank and is the largest multilateral source of loan and equity financing for private sector projects developing countries.