UK firm to build bridge to Samal Island
05/04/2008 | 11:23 PM
DAVAO CITY — London-based MCC Capital Projects Ltd. is planning to build a bridge between this city and nearby Samal Island, which should foster more economic activity by making it easier for people and cargoes to reach the Davao mainland.
The company is now in talks with Islamic banks in the Middle East for a funding of at least $120 million, said M. Faisal Kasim, chief executive officer.DAVAO CITY — London-based MCC Capital Projects Ltd. is planning to build a bridge between this city and nearby Samal Island, which should foster more economic activity by making it easier for people and cargoes to reach the Davao mainland.
"[Funding] has to come from the Middle East [where Muslim banks] are awash with funds," he told a press briefing last week after visiting Samal together with top officials of the company.
The project will be under a build-operate-transfer scheme, Mr. Kasim said. He said that the company would also look at other options, such as floating bonds.
The bridge will pave the way for the company to implement other projects in the island city, Mr. Kasim said.
The bridge was first proposed last year when the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area listed projects that the four countries wanted to implement.
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