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Manila Bulletin devider devider PH, KEXIM ink $172.6-M loan for Cebu port project

PH, KEXIM ink $172.6-M loan for Cebu port project

Published Jun 5, 2018 12:00 am
By Chino S. Leyco The Philippines and South Korea signed yesterday a loan agreement for the construction of a new international container port in Cebu, the Department of Finance (DOF) said. DOF logo DOF logo In a statement, the finance department said the government sealed a $172.64-million loan with South Korea that aims to free up the existing seaport in Cebu and provide a more efficient and reliable transport infrastructure for the unimpeded flow of goods and services in the Visayas. The agreement was signed by Finance Secretary Carlos G. Dominguez III on behalf of the Philippine government and Sung-Soo Eun, chairman and president of the Export-Import Bank of Korea (KEXIM). President Rodrigo R. Duterte and South Korea President Moon Jae-in witnessed the signing of the loan accord, which was among the five agreements signed during the Philippine leader’s official visit to Seoul. A new Cebu International Container port with a total estimated project cost of R10.1 billion (approximately $199.25 million) will be built on a 25-hectare reclaimed land in the town of Consolacion in Cebu. It will include a berthing facility with a 500-meter quay wall length that can simultaneously accommodate two 2,000 (Twenty-foot Equivalent Unit) vessels; operating facilities and structures for containers such as a freight station and inspection shed; an access road and bridge; and a dredged waterway and turning basin. Aside from the construction of physical structures, the loan also covers the procurement of cargo handling equipment and consulting services.
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