India-based GMR Infrastructure’s JV, GMR Megawide Cebu Airport Corporation (GMCAC), has signed agreements for financing 70 per cent of the Mactan Cebu International Airport project in Cebu. The loan for the project is being financed by six Philippines-based banks – BDO Unibank, Inc., Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metrobank and Philippine National Bank. GMCAC is a JV of GMR Infrastructure (with 40 per cent shareholding) and Philippines-based Megawide Construction Corporation (with 60 per cent stake). GMCAC will be responsible for the construction, development, renovation, expansion and operation of the Mactan Cebu International Airport for a period of 25 years as laid down in the concession agreement signed earlier.
