In 2017, the World Bank and the AIIB approved their respective loans of $207.6 million each, while the remaining $84.7 million for the $500-million project was shelled out by the national government.In the case of the Cebu bus rapid transit , the World Bank said in a separate report that the project had shown significant progress.
“However, the enforcement of the ECQ … has slowed down the implementation of critical project activities,” it said. Amid the delays, the World Bank said given that the current loan closing date is in June 2021, it was expecting the Department of Transportation to initiate the process for loan extension soon.
In 2014, the World Bank approved a $141-million loan for the project to augment the $87.5 million earmarked by the government for the project. The 23-kilometer Cebu BRT was originally targeted for completion in October this year but project implementation had been delayed. INQ
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