The Philippines has secured nearly $2.8bn in loans for a 26km motorway along one of the country’s busiest corridors.

The Asian Development Bank (ADB) will lend just under $1.7bn, the Export-Import Bank of Korea will lend $904m, and the Asian Infrastructure Investment Bank (AIIB) will lend $188m.

The Laguna Lakeshore Road Network will run between Taguig City in the southern suburbs of Manila and the city of Calamba.

The corridor carries about a third of all road freight in the country, and the new motorway is intended to ease the flow of those goods.

It will also cut the end-to-end travel time from an hour to 45 minutes for some 3.5 million drivers.

The climate resilient road will have four lanes for most of its length, but there will be a 12km section with six.

“The project will help link people to jobs and business opportunities, reduce transport costs and traffic congestion, and improve the efficiency of the overall transport network in Metro Manila and nearby regions,” said Pavit Ramachandran, the ADB’s country manager for the Philippines.

The work will involve building several viaducts and bridges. There will also be facilities for cyclists and pedestrians.

Feasibility studies are underway. The Philippines hopes to open the road in 2027.