BNP Paribas extends $200 million to RP for rolling highway

MANILA, Philippines-French bank BNP Paribas will lend $200 million to the National Government for the construction of over 70 roll-on, roll-off (RoRo) ports in the country, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said. The Monetary Board approved the financing package combining a buyer’s credit facility, which matures in 12.5 years with a 2.5-year grade period, and a commercial loan due in 4.5 years including a one-year grace period. The Transportation and Communication department will carry out the Greater Maritime Access project (GMAP) with the Philippine Ports Authority as a participating implementing agency. “The project would involve the use of prefabricated steel ports composed of five independent modular parts such as pier or causeway connecting to shore, mooring platform, manual ramp dolphin, and passenger terminal with solar power utilities," Tetangco said. The loan would be denominated in Japanese yen, equivalent to 149.79 million euros or $195.18 million. GMAP is a priority project approved by the National Economic and Development Authority. -GMANews.TV