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Export Credit Cofinancing
North Luzon Expressway Rehabilitation and Expansion Project (Philippines)
| Type |
Export Credit |
| Borrower |
Manila North Tollways Corporation |
| Cofinanced Amount |
$137.5 million |
| Term |
13 years |
| Project Financing |
| Debt: ($ million) |
| ADB direct loan |
45.0 |
|
| ADB CFS loan |
25.0 |
|
| IFC Loan |
45.0 |
|
| MIGA Guarantee* |
52.5 |
|
| Export Credit (EFIC, Australia) |
55.0 |
|
| Export Credit (COFACE, France)** |
30.0 |
|
| L/C Facility |
7.5 |
|
| Subtotal |
260.0 |
| Equity: ($ million) |
|
|
| Sponsors |
117.5 |
|
| Total | 377.5 |
| * Consisting of political risk cover. |
| ** With insurance cover. |
|
| Use of Proceeds |
Rehabilitation, expansion, and operation of the existing North Luzon Expressway, including the construction and/or rehabilitation of 14 interchanges, 24 bridges, and 31 overpasses from Manila to Clark Special Economic Zone. |
| Project Sponsors |
(i) First Philippine Infrastructure Development Corp., (ii) Egis Projects S.A., France, and (iii) Philippine National Construction Corporation. |
| Remarks |
Cofinancing for this project was supported by the Australian and French ECAs along with political risk insurance from MIGA, and ADB's CFS. The CFS tranche augmented direct loans from ADB, IFC, and others. This financing was arranged during a period of uncertainty in the Philippines and presented a unique opportunity for ADB and its cofinanciers to provide necessary assistance.
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