World Bank trims Cebu BRT financing amid delays

World Bank trims Cebu BRT financing amid delays

The World Bank has canceled part of the loans for the Cebu Bus Rapid Transit (BRT) while as project scope was pared down with only five months left before its financing closes.A May 8 restructuring paper seen by Manila Bulletin showed that the Washington-based multilateral lender, effective Jan. 22 of this year, canceled $59.9 million from the project’s $116-million International Bank for Reconstruction and Development (IBRD) loan. IBRD is the W…