France to extend $50M loan for Cebu bus system


Posted at Oct 22 2012 12:05 PM | Updated as of Oct 22 2012 08:05 PM

MANILA, Philippines - French Prime Minister Jean-Marc Ayrault ended his official visit to the Philippines in Cebu.

The Cebu local government says France pledged a loan of $50 million to fund the development of teh proposed bus rapid transit system in the city. The project costs $211 million.

This was the first visit to the Philippines by a French leader since formal diplomatic relations were established between the two countries in 1947. - ANC