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Philippines secures $173m Korea loan for new Cebu port project

Following Philippines President Rodrigo Duterte’s visit to South Korea, a $172

Philippines secures $173m Korea loan for new Cebu port project
06 June 2018 - 08:14

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. www.seatrade-mari...

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