The Export Import Bank of Korea-Economic Development and Cooperation Fund has sealed a loan to the Philippines to finance the engineering services for the Panay-Guimaras-Negros Island bridges project.
On behalf of their respective governments, Finance Secretary Carlos G. Dominguez III and KEXIM-EDCF Executive Director Tae-Soo Kim received from each other their copies of the loan accord that was signed last month. To be implemented by the DPWH, the interisland bridges project involves the construction of two sea-crossing, four-lane bridges spanning 32.47-kilometers combined—including connecting roads and interchanges—that will connect the islands of Panay, Guimaras and Negros in Western Visayas.
KEXIM-EDCF’s loan for the engineering services of the project, which includes the preliminary design, detailed engineering design and procurement assistance, will support the Philippine government in preparing and completing the necessary activities and works prior to the construction of the two bridges.