Posted by: JWP | 11/30/2009

KSA may provide 1.3B for Mindanao railway

Mindanao railway seen getting $1.3-B Saudi funding

First phase awaiting Neda approval

By Paolo Montecillo

Philippine Daily Inquirer

First Posted 23:29:00 11/29/2009

MANILA, Philippines—The state-run Saudi fund for Development may provide as much as $1.3 billion in cheap financing to fund the government’s planned construction of a railway system through parts of Mindanao deemed vital to the economy.

The Department of Transportation and Communications (DOTC) said officials were currently looking for concessional loans from several sources to fund the Mindanao Railway System, listed as one of the Arroyo administration’s priority projects.

“One possible party is the Saudi Fund for Development. They’ve expressed willingness [to finance] this project,” DOTC Undersecretary Guiling Mamondiong said in a recent interview. read more

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