THE Export-Import Bank of Korea (KEXIM) is funding several infrastructure projects of the Philippine government, the Department of Transportation (DOTr) said yesterday.
The DOTr said KEXIM’s support is seen to create an exponential socio-economic growth by developing the country’s transportation landscape.
Among the projects funded by the Korean bank 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 LRT2 Cogeo Extension in Rizal.
The Transportation department said it had a coordination meeting with KEXIM on Aug. 24, 2023 to discuss and assess the projects.
Transportation secretary Jaime Bautista said KEXIM’s assistance in the design and implementation of transport projects can lead to maximum benefits for commuters and passengers.
“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 LRT2 as well as the Pangasinan airport feasibility study and the maritime safety enhancement project,” said Bautista.
The Transportation chief said KEXIM’s support would guarantee better passenger experience through airport, seaport, and railway projects.
He also assured KEXIM officials that the DOTr will closely monitor the project to its timely completion, while urging to fund road transport projects.
“We have come to believe our goals are achievable. In the end, we keep our eye fixed on the goal which is to provide a better passenger experience at every mode of transport,” said Bautista.
As the official export credit agency of South Korea, KEXIM has established its presence in 58 countries with a total of 503 projects through 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 $1.5 billion concession loans. (GMA Integrated News)
