For Mactan Cebu International Airport project
GMR Infrastructure announced that GMR-Megawide Cebu Airport Corporation (GMCAC) a joint venture between GMR Infrastructure (40% shareholding) and Megawide Construction Corporation (60% shareholding) has amended its financing documents of its Mactan Cebu International Airport located in Cebu, Philippines to include Asian Development Bank (ADB) to fund the project.The financing will fund 70% of its total project cost of Php 33 billion (approximately USD 750 million). ADB will fund USD 75 million of this as a portion of its share in the funding. The loan is now being financed by a consortium of seven banks including ADB.
GMCAC shall be responsible for construction, development, renovation, expansion and operation of the Mactan Cebu International Airport for a period of 25 years as provided in the Concession Agreement.
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