ADB funds for GMR’s Philippines project

The Mactan Cebu International Airport project in the Philippines, awarded to a joint venture comprising GMR Infrastructure, is getting $75 million Asian Development Bank (ADB) funds. In a regulatory filing on Tuesday, GMR Infrastructure said the joint venture firm, GMR-Megawide Cebu Airport Corporation, has amended the financing documents of the project to include ADB. Megawide Construction Corporation has 60 per cent shareholding in the joint venture and GMR the balance. The loan for 70 per cent of the project cost of PHP 33 billion (about $750 million), is now being financed by a consortium of seven banks, including ADB.