Vessels in port
Philippines secures $173m Korea loan for new Cebu port project
Following Philippines President Rodrigo Duterte’s visit to South Korea, a $172.6m loan agreement has been signed for the construction of the $199.3m Cebu International Container Port (CICT), local reports cited the Department of Finance (DOF) as saying. Export-Import Bank of Korea (KEXIM) will provide a low interest, 40-year loan for the major port project. The loan will carry an interest rate of 0.15% per annum for non-consulting services and will include a 10-year grace period. The Philippines will put up around $26.1m of the project cost. The new container terminal will be built on 25ha of reclaimed land in the northern part of Cebu in the central Visayas region of the Philippines. It is meant to relieve some of the pressure from congestion at the current Cebu International Port nearer to Cebu City as well as boost connectivity in the central and southern regions. http://www.seatrade-maritime.com/news/asia/philippines-secures-173m-korea-loan-for-new-cebu-port-project.html
SKorea to co-finance Cebu container port project
The South Korean government will co-finance one of the flagship projects of the Duterte administration through an official development assistance (ODA) under the concessional loan offer made earlier by Seoul, the Department of Finance (DoF) said. “There is just one project that they have already signed,” Finance Assistant Secretary Maria Edita Tan said, referring to the P9.19-billion New Cebu International Container Port project, which the Philippines’ National Economic and Development Authority Board has approved. Of the project’s total cost of P9.19 billion, South Korea will co-finance P7.96 billion, while the national government will shoulder the remaining P1.23-billion balance.
More infrastructure projects lie ahead for Cebu Port Authority
As they celebrate their 25th founding anniversary, the Cebu Port Authority (CPA) assured that more infrastructure projects will be implemented in the coming years. Among the first and biggest will be the new international port in Barangay Tayud, Consolacion town. The national government will be making a $204-million loan with the Korean government for the construction of the new port, which is targeted to start by the latter half of 2018. “It has been approved for funding by the Korean government through the Export-Import Bank of Korea. It is a $204-million loan granted through the Economic Development Cooperation Fund of the Government of Korea,” said CPA’s senior corporate lawyer Karen Gonzales. She said the Department of Finance (DOF) is already preparing the necessary loan documents for the release and downloading of the funds for the project. The Department of Transportation (DOTr) will be on top of the project, but once construction is finished, it will be turned over to the CPA. Source: Cebu Daily NewsUpload News