The Saudi Arabian government has made a first payment of $20mn of an expected $100mn loan for various road projects in the Autonomous Region in Muslim Mindanao (ARMM), according to a high-ranking official from that Philippine region.
Lanao del Sur Governor Mamintal “Bombit” Adiong Jr, who is visiting Saudi Arabia, confirmed that the loan was awarded to a Mindanao-based construction company to implement the project in the second quarter of this year.
In an exclusive interview, Adiong Jr thanked the Saudi government for the financial assistance. He said it would help economic development in the ARMM, especially in the building of proper infrastructure and boosting the agriculture sector.
Adiong Jr said the amount will bankroll vital road projects in the south, particularly in the seat of the ARMM government. It will be implemented by the Philippine Department of Public Works and Highways (DPWH).
The road projects funded by the Saudi government include the East Diversion Road, Lake Lanao Circumferential Road from Marawi City to Bayang. The project will also cover the Lake Lanao Circumferential Road from Bayang to Ganassion, Basilan Circumferential Road from Tumahubong to Isabela, and the Basilan Circumferential Road from Isabela to Sumisip.
These projects are scheduled to be completed by May 2014.