Saudi Arabia lends SAR375m for road projects in Philippine region

The Saudi Arabian government has made a first payment of SR 75 million ($ 20 million) -- of an expected SR 375 million ($ 100 million or P 1.96-billion) soft 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.

Adiong Jr., whose late father was an overseas foreign worker (OFW), 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).

Read more: http://www.zawya.com/story/Saudi_Arabia_lends_SAR375m_for_road_projects_in_Philippine_region-ZAWYA20130210030902/