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