The Japan International Cooperation Agency (JICA) has agreed to provide the Philippines with a loan of €915 million (PHP 55.7 billion) for the construction of the 33 km Manila Metro. This is the third loan provided by JICA for the project and brings the total financing to €3 billion. Two further loans totalling €2.5 billion is currently being negotiated. Each loan has a term of 40 years. The new metro line with 17 stations, which connects Valenzuela City and Pasay City and has a branch to Ninoy Aquino International Airport (NAIA) in Paranaque City, is expected to cost €5.8 billion. Completion is planned for 2029 and will reduce the journey time between Valenzuela City and Pasay City from 1 hour and 30 minutes to 35 minutes.
