Korean Bank to Fund Philippines New Cebu Port

Cebu Port Authority South Korean bank Korea Eximbank (KEXIM) has granted its approval for a financial injection for the Philippines proposed new Cebu International Container Port in Consolacion. The port project cost is estimated to be around PHP 9.19 billion (USD 181.6 million), according to the Philippine News Agency. Out of this amount, PHP 7.96 billion (USD 157.2 million) is up for official development assistance (ODA) funding, while the Philippine government would contribute with PHP 1.23 billion (USD 24.3 billion). Set to commence the implementation phase in the third quarter, the port project is reportedly scheduled to be completed by 2020. The new port, which would reduce congestion and vessel waiting time in the Cebu International Port, is set to almost double container yard capacity from the current 7,373 TEU to 14,400 TEU. KEXIM would further finance USD 1 billion worth of infrastructure projects in the Philippines. Relevant Philippine authorities are currently conducting feasibility studies for several projects targeted to be presented for possible KEXIM financing. World Maritime News Staff