MANILA - The Asian Development Bank on Thursday said it approved financing of up to $2.75 billion for the construction of the Malolos-Clark railway.

The 53.1 kilometer train line will connect Malolos in Bulacan to the Clark International Airport, the Manila-based lender said in a statement.

Once completed, the project is expected to cut travel time from Manila to Clark to less than an hour and to serve 342,000 passengers daily, it said.

The railway project can help ease road congestion in Manila, reduce air pollution and cut transport cost while spurring economic growth in Central Luzon, the ADB said.

“ADB’s partnership with the Philippines has always been strong, and it has become stronger in the last three years,” said ADB President Takehiko Nakao.

The Malolos-Clark line is part of the 163-km North-South Commuter Railway Project, which aims to connect New Clark City to Calamba in Laguna. It is expected to be completed by 2025.

• PH, Japanese officials lead groundbreaking of north-south commuter railway project

NOW: Officials from Asian Development Bank, PH gov't hold press briefing on approval of loan for Malolos-Clark Railway project which is part of the North-South Commuter Railway project pic.twitter.com/fI1CUNhZ1M

— Bruce T. Rodriguez (@BruceTRodriguez) May 23, 2019