Philippine Finance officials said Korea Eximbank (KEXIM) has approved a financing package for the proposed New Cebu International Container Port in Consolacion, Cebu. Finance Secretary Carlos Dominguez III told reporters that selection of this project for financing by South Korea’s export credit agency was based on its internal rate of return, among others. This is among the priority projects of the Duterte administration and will be constructed 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.(Source: PhilStar, 5 July 2017)
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