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Korea Exim News

EDCF to Finance New Cebu International Container Port Project with USD 173 Million

Date 2018.06.05 View 13329

The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman EUN, Sung-soo, “Korea Eximbank") announced on June 4 that the Bank will provide a USD 173 million EDCF loan to fund the ‘New Cebu International Container Port Project’ in the Philippines.

 

Korea Eximbank Chairman Sung-soo Eun met with Carlos Dominguez, Secretary of Finance of the Philippines and signed the loan agreement, following the bilateral summit talks held at the Blue House in Seoul between President Moon Jae-in and the Philippine President Rodrigo Duterte.

 

The New Cebu International Container Port Project is the first port construction project financed by EDCF.

 

Despite the Philippines’ high dependency on maritime logistics as an island country made up of over 7,000 islands, the infrastructure of Cebu Port is in extremely poor condition that limits effective management of increasing cargo volume. Against this backdrop, the Philippine government had adopted the project as one of the nation’s 75 Flagship Infrastructure Projects and submitted a loan request to the Korean government last year.

 

With the conclusion of the agreement, the USD 173 million EDCF loan will be utilized to construct the new maritime infrastructure, which is expected to improve the condition of maritime logistics and to create more jobs in the country.

 

After the signing ceremony, the Bank’s Chairman Sung-soo Eun remarked, “By supporting one of the top priority projects of the Philippine government, the cooperative relationship between the two countries would be further solidified.” He added, “As the first project pertaining to the bilateral government Framework Arrangement amounting to USD 1 billion for the period of 2017-2022, it will serve as a stepping stone for the entry of Korean companies into the Philippines’ infrastructure project market in the coming years.”