Korea EXIM bank supports 4 DOTr infra projects

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Korea EXIM bank supports 4 DOTr infra projects
  • Export-Import Bank of Korea is providing support funding to four Department of Transportation infrastructure projects
  • The projects are Dumaguete Airport Development Project, the Philippine Coast Guard’s (PCG) Maritime Safety Enhancement, New Cebu International Container Port, and LRT-2 Cogeo Extension
  • The funding will “create exponential socio-economic growth” in the country, the DOTr said
  • Transportation Secretary Jaime Bautista assured KEXIM DOTr will closely monitor the projects until completion
  • The Philippines is the fourth-largest recipient of Korea’s Economic Development Cooperation Fund, with over US$1.5 billion in concession loans

The Export-Import Bank of Korea’s (KEXIM) funding of four Department of Transportation (DOTr) infrastructure projects is expected to “create exponential socio-economic growth” in the country, the agency said in a statement.

These projects are the new Dumaguete Airport Development Project, the Philippine Coast Guard’s (PCG) Maritime Safety Enhancement Project, New Cebu International Container Port Project, and the LRT-2 Cogeo Extension in Rizal.

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In a coordination meeting on August 24, Transportation Secretary Jaime Bautista assured KEXIM officials DOTr will closely monitor projects to their timely completion.

“We hope to agree on how best to move forward with such projects as the new Dumaguete airport, the new Cebu International Container Port, extension of LRT 2 as well as the Pangasinan airport feasibility study and the maritime safety enhancement project,” Bautista said.

With KEXIM’s support, Filipinos are “guaranteed of better passenger experience through airport, seaport and railway projects,” he added.

The official export credit agency of South Korea, KEXIM is present in 58 countries with a total of 503 projects through the Economic Development Cooperation Fund (EDCF).

The Philippines is KEXIM’s fourth-largest recipient of EDCF from disaster response and climate change adaptation, transport, energy, water source, and communication projects, with over US$1.5 billion in concession loans.