The Asian Development Bank (ADB) has approved a US$75m loan for the expansion and renovation of Mactan Cebu International Airport in the Philippines. The development is part of a public-private partnership (PPP) between the airport operator GMR Megawide Cebu Airport Corporation and the Philippine Government.
The project will include the construction of a new passenger terminal and renovation of the existing one, as well as providing new commercial facilities. The combined passenger capacities of both terminals will reach 12.5 million each year. Mactan Cebu Airport opened in the 1960s and was originally designed to cater for 4.5 million passengers annually. The airport served over seven million in 2014. The project will be developed under a 25-year concession agreement for the operation of both terminals and commercial outlets.
Christine Genalin Uy, investment specialist in the private sector operations department at ADB, said, “ADB’s involvement demonstrates its commitment to assist the government in developing critical infrastructure, the lack of which has been hampering new investments in the country. The project will increase tourism, and support industry and agricultural activity, thus creating employment opportunities in the province of Cebu and its neighboring provinces.”
