Philippines, KEXIM Ink Loan Pact for Cebu Port Project

Image source: Government of the Philippines

The Export Import Bank of Korea (KEXIM) has signed a loan grant contract with the Department of Finance of the Philippines to support the Cebu New Port Construction Project with $173 million in the Economic Development Cooperation Fund (EDCF).

The capital port development project, to be located in the village of Tayud in Consolacion, will be constructed in a 25-hectare reclaimed area.

It will include a berthing facility with a 500-meter quay wall length that can simultaneously accommodate two 2,000 TEU (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.

The agreement was signed in Seoul by Finance Secretary Carlos Dominguez III, on behalf of the Philippine Government, and Sung-Soo Eun, KEXIM’s chairman and president.​

Philippine President, Rodrigo R. Duterte, and South Korean 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.

“The interest rate on this 172 million US dollars is 0.15 percent and it is payable over 40 years, ten years grace period,Secretary Dominguez said during a press conference.

So it is very, very generous of the Korean government. And certainly we can afford this because, you know, when they put the port we will be charging port charges and goods will flow more quickly, traffic will be lessened in Cebu. So, it’s really beneficial for us. And the loan is very, very, very cheap,” he said.

This loan is part of the $1 billion Official Development Assistance (ODA) of South Korea signed between the two countries last month.

 

Share this article

Follow Dredging Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below....

apply

Dredging jobs in Abu Dhabi at NMDC

National Marine Dredging Company “NMDC” aims to be the largest dredging player in the Arab’s Gulf region...

apply