The $378-million project will transform the expressway into a world-class toll road by its scheduled completion in 2005.
The project will renovate one 84-kilometer section and widen the road in other parts. It also includes new interchanges, flyovers and pedestrian overpasses.
ADB assistance consists of a loan of $45 million from its ordinary capital resources and a complementary loan of $25 million funded by international commercial banks.
ADB is the lead coordinating bank and other lenders are the International Finance Corp., Multilateral Investment Guaranty Agency, Coface, Export Finance and Insurance Corp. Australia, ABB Structured Finance B. V., Mizuho Corporate Bank Ltd., Credit Agricole Indosuez, DZ Bank AG, and Westdeutsche Landesbank Girozentrale.
The rehabilitation is being undertaken by the Manila North Tollways Corp. (MNTC).
The expressway is one of the country’s main arteries, providing access to Central and Norther Luzon. "The upgrading of this vital road network will significantly improve access to and from Metro Manila and will translate to tremendous social and economic benefits to the Filipino people," said Ajay Sagar, ADB investment officer.
Attending the ceremony were Socioeconomic Planning Secretary Romulo Neri, Director General of the National Economic and Development Authority; Oscar Lopez, MNTC chairman; Jose P. de Jesus, MNTC president and chief executive officer; Adirwarman Idris, officer-in charge of ADB’s Private Sector Infrastructure Finance Division; members of the diplomatic corps; local officials; and representatives of the foreign lenders.