The Export-Import Bank of Korea (KEXIM) is funding a road project in Northern Samar, the Department of Public Works and Highways (DPWH) has revealed.
DPWH Senior Undersecretary Emil K. Sadain said the funding assistance was stipulated in the signing of the Minutes of Discussion is a crucial step to secure funding for the 15-kilometer Samar Pacific Coastal Road II (SPCR 2) Project that will improve existing roads from the Catarman-Laoang Ro, the 800-meter Laoang two Bridge and the 605-meter Calomotan Bridge.
photo: DPWH
Sadain signed the Minutes of Discussion with KEXIM Economic Development Cooperation Fund (EDCF) Director Tae-Bum Kim on Friday, Oct. 28.
The project is expected to spur the development of the nation's infrastructure in the Eastern Visayas Region, which will lead to exponential socioeconomic progress.
The projected SPCR 2 Project is one of 197 infrastructure flagship projects in President Marcos' "Build, Better, More" initiative.
Another project funded by the Korean bank and the Philippine government is the 11.6-kilometer SPCR Phase 1 in Northern Samar. (Trixee Rosel)