Export-Import Bank of Korea (KEXIM) will provide a low interest, 40-year loan for the major port project. The loan will carry an interest rate of 0.15% per annum for non-consulting services and will include a 10-year grace period. The Philippines will put up around $26.1m of the project cost.
The new container terminal will be built on 25ha of reclaimed land in the northern part of Cebu in the central Visayas region of the Philippines. It is meant to relieve some of the pressure from congestion at the current Cebu International Port nearer to Cebu City as well as boost connectivity in the central and southern regions.
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The port is expected to handle more international container traffic and according to a feasibility study done by KEXIM consultants, will be designed with berth space to handle two 2,000 teu vessels simultaneously and have a draft of 12m. CICT will also have yard space for 3,000 teu and a freight station and inspection shed.
Local reports at the beginning of the year said the construction jobs for the project were being processed to be opened for tender. No further details have been disclosed however.
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