KEXIM OKs Financing Package for New Port in Cebu
The Export-Import Bank of Korea, also known as the Korea Eximbank (KEXIM), has approved a financing package for the proposed New Cebu International Container Port in Consolacion, Cebu, according to the Philippine News Agency’s (PNA) latest announcement.
Finance Secretary, Carlos Dominguez III, said that selection of this project for financing by South Korea’s export credit agency was based on its internal rate of return, among others.
The port project, to be located in the village of Tayud in Consolacion, will be constructed in a 25-hectare reclaimed area.
This capital port development scheme has a projected cost of around $182 million, $157 million of which is up for official development assistance (ODA) funding, while share of the Philippine government was set at approximately $25 million, PNA said.