DOF: KOREA EXIMBANK OKAYS NEW CEBU CONTAINER PORT FINANCING
Officials of the Department of Finance (DOF) said Korea Eximbank (Kexim) has approved to finance the proposed new Cebu International Container Port in Consolacion, Cebu.
Finance Secretary Carlos Dominguez III said that the selection of this project for financing by South Korea’s export credit agency is based on its internal rate of return, among others.
Project cost
The port project in the village of Tayud in Consolacion, Cebu has a projected cost of around P9.19 billion, of which P7.96 billion is up for official development assistance (ODA) funding while share of the Philippine government was set at P1.23 billion.
This is among the priority projects of the Duterte administration and will be construct- ed in a 25-hectare reclaimed area.
The project also include the construction or improvement of 1,450 meters of inland road and construction of a 300 linear meter offshore bridge that will connect the port to the shoreline.
It received the approval of the inter-agency Investment Coordination Committee- Technical Board (ICC-TB) on Sept. 1, 2016, the ICC-Cabinet Committee (ICC-CC) on Sept. 28, 2016, and the National Economic and Development Authority (Neda) board on Nov. 14, 2016.
$1 billion funding
Kexim has offered to finance $1 billion worth of infrastructure projects of the Philippine government.
Finance Assistant Secretary Maria Edita Tan said they are currently conducting feasibil- ity studies for several projects targeted to be presented for possible Kexim financing.
Other projects
These projects include the development of marine aids to navigation in Luzon and the Visayas, the new Dumaguete Airport development project, and the development of hybrid power generation systems in the country,
Likewise, the DOF will also present the Mindoro multigrain processing center project, the creation of the national animal identification and traceability system, the drivethrough portal inspection facilities in international ports of entry and the automated collection of slaughter data and issuance of meat inspection certificates. Tan said all these additional projects do not still have the ICC approval.