PH, Sokor sign loan pact for Cebu Port Project
The Philippines and South Korea signed on Monday a USD 172.64 million loan agreement for the construction of a new international container port in Cebu that aims to free up the existing seaport in the province; 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 Dominguez III on behalf of the Philippine government, and Sung-Soo Eun, chairman and president of the Export Import Bank of Korea (KEXIM).
A new Cebu International Container Port with a total estimated project cost of PHP 10.1 billion (approximately USD 199.25 million) will be built on a 25-hectare reclaimed land in the town of Consolacion in Cebu.
Aside from the construction of physical structures, the loan also covers the procurement of cargo handling equipment and consulting services.
KEXIM-EDCF will extend USD 172.641 million (approximately PHP8.8 billion or 186.97billion Korean won) for the Port project with a preferential interest rate of 0.15 percent per annim for non-consulting services and zero percent for consulting services.
The loan has a maturity period of 40 years, inclusive of a 10-year grace period.
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