PH and Korea finalize $56.6 million loan agreement for inter-island bridges
The Philippines and South Korea on Wednesday exchanged copies of the agreement for the $56.6 million (about 2.94 billion pesos) loan granted by the Export Import Bank of Korea-Economic Development and Cooperation Fund which will fund engineering services for the Panay-Guimaras. -Project of bridges on the island of Negros.
Finance Secretary Carlos Dominguez III and KEXIM-EDCF Executive Director Tae-Soo Kim received copies of the loan agreement from each other which was signed in April. Acting Secretary Roger Mercado of the Department of Public Works and Highways, Korean Ambassador to the Philippines Inchul Kim and KEXIM-EDCF Country Director Jae-Jeong Moon also attended the event.
The Inter-Island Bridges Project, to be implemented by DPWH, involves the construction of two four-lane bridges across the sea spanning 32.47 kilometers combined, including link roads and interchanges, which will connect the islands of Panay, Guimaras and Negros in the western Visayas.
The project is part of the big projects of President Duterte’s “Build, Build, Build” program.
The KEXIM-EDCF loan for the project’s engineering services, which includes preliminary design, detailed engineering design and procurement assistance, will help the government prepare and complete the necessary activities and works before the start of the project. construction of two bridges.
This interest-free loan with a service charge of 0.1% per disbursement covers a 40-year term, including a 10-year grace period.
The Panay-Guimaras-Negros Island bridges project, whose total cost is estimated at 187.54 billion pesos, is expected to begin engineering services this year and begin construction by 2025.