The Cebu International Container Port project will receive a loan from the South Korean government and is said to be completed by 2020.
The project will receive $158 m in funding from Export-Import Bank of Korea (KEXIM) through the official development assistance (ODA) program, while the remaining sum of $24 m will be provided by the Philippine government, Finance Assistant Secretary Maria Edita Tan said.
KEXIM has offered to finance $1 billion worth of infrastructure projects of the Philippine government. Some of the projects that will hopefully be financed include the development of Marine Aids to Navigation in Luzon and Visayas, the new Dumaguete Airport development project, the development of hybrid power generation systems in the country, the establishment of Mindoro multi-grain processing center and the drive-through portal inspection facilities in international ports of entry.
The project is a controversial topic in Cebu, Philippines, after the municipal government of Consolacion said it had created a separate agreement with a private developer. Cebu Port Authority General Manager Edmund Tan told local media that the port will be built since the project has already been approved by The National Economic and Development Authority (NEDA). The project includes the modernization and relocation of the Cebu international port.
The project was given life in order to lessen the congestion in the existing Cebu International Port and shorten vessel waiting time. The container yard capacity will also almost double.