Mumbai, Dec 22 (IANS): India-based GMR Infrastructure's joint venture GMR Megawide Cebu Airport Corporation (GMCAC) Monday said it has signed agreements for financing 70 percent of the Mactan Cebu International Airport project in Cebu in the Philippines worth nearly USD 750 million.

GMCAC is a joint venture of GMR Infrastructure with 40 percent share holding and the Philippines-based Megawide Construction Corporation with a 60 percent stake.

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 and Metrobank and Philippine National Bank.

The total equity contribution of GMR to GMCAC will be nearly USD 90 million, of which the Indian construction company has already invested USD 48 million.

GMCAC will be responsible for 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.

"This marks a key milestone for GMCAC in its journey to transform MCIA into a world class airport. MCIA is the first airport in Philippines to be privatized under the administration's ambitious PPP programme aimed at modernizing key infrastructure assets", the company said in a statement.

In the international competitive bidding process GMR-Megawide Consortium had emerged as the highest bidder after offering a bid premium of approximately $305 million.