MANILA - The consortium building the Makati Subway has secured an additional $332 million funding for the project, Makati Mayor Abigail Binay said on Tuesday.
Philippine Infradev Holdings signed investment deals with Chinese partners in Hongkong on Oct. 28, Binay said in a statement.
Hui Gao Investments Development Limited has agreed to provide $102 million as equity investment and $200 million in credit facility for the intra-city subway system.
Shanghai Mintu Investments Ltd. also signed a subscription agreement for direct equity investments of $30 million in Makati City Subway, Inc., the corporate entity that will build and operate the subway system, she added.
“The Makati Subway project is definitely gaining momentum, and we are confident that our lead partner Philippine Infradev Holdings will be able to sustain the pace and finish the project on schedule,” Binay said.
The Makati Subway is expected to begin operations in 2025. It is seen complementing the Metro Manila Subway project, MRT stations, and the Pasig River ferry.