Finance Secretary Carlos Dominguez and Mr. Sung-Soo Eun, chairman and president of the Export-Import Bank of Korea(KEXIM) signed on Monday (June 4, 2018) the $172.64 million loan agreement to finance the New Cebu International Container Port Project. President Duterte and South Korea President Moon Jae-in witnessed the signing of the loan accord, which was among the five agreements signed during the Philippine leader’s official visit in Seoul, South Korea.
The construction of the New Cebu International Container Port aims to free up the existing seaport in the province and provide a more efficient and reliable transport infrastructure for the unimpeded flow of goods and services in the Visayas.