Philippines' San Miguel secures bank financing for $3 billion airport

Source: CNA

MANILA : Philippine conglomerate San Miguel Corp said on Monday it has already secured financing from banks for its 170.6 billion pesos ($3 billion) operation and overhaul of the country's main airport.

Banks have already committed to financing the project, on top of an equity share from the consortium, San Miguel President Ramon Ang told reporters after signing a 15-year concession agreement.

In February, San Miguel and partners that include South Korea's Incheon International Airport Corp, won the government auction for the airport project, beating India's GMR Airports Consortium and a group of Philippine tycoons.