WB funding for BRT ‘approved in principle’
PROPONENTS of the Cebu City Bus Rapid Transit are confident that a P185 million World Bank loan
for the mass transportation system would approved in January next year.
Colin Brader, lead consultant of the project, told Cebu Daily News that the funding was “approved in principle.”
He said the feasibility study will be finished by August this year and submitted to the WB and the National Economic Development Authority.
The loan will be coursed through through the Dept. of Transportation and Communication (DOTC).
The Philippine government according to Brader will provide a counterpart fund of $10 million – P15 million for the project.
“The WB will fund it through a soft loan as part of its official development aid to the Philippines with a maturity period of 25 years,” Brader said.
City Hall is working with Brader’s team on details of the project like the management scheme.
In a meeting yesterday, City Hall officials and the feasibility study team came up with a co-management proposal of the BRT by the DOTC and City Hall.
A soon-to-be organized BRT Management Company would develop, implement and manage the venture said Brader.
Cebu City Mayor Michael Rama said the BRT has to be managed separately just like the South Road Properties (SRP).
“Whatever revenues it shall generate will be managed separately,” he said.
“Because the project is funded by the World Bank it will have to conform to World Bank social and environmental safeguards,” Brader explained.
Bus and jeepney operators can be assured that they will still be working in the mass transport industry, he said because both types of vehicles are still needed by Cebu City commuters. /Correspondent Tweeny M. Malinao
