CEBU, Philippines — The construction of the New Cebu International Container Port (NCICP) could start this year, an official said.
National Economic and Development Authority regional director Efren Carreon said the port construction is one of the big-ticket projects Cebu could see taking off this year.
According to the Department of Finance, the container port project is going to be funded by a Korean official development assistance (ODA).
The P9.19-billion port project is expected to be completed by 2020.
Carreon said the new port that will help decongest traffic at the existing base port.
The DOF had said the Korea Export-Import Bank (Kexim) has agreed to fund the Cebu port project.
The multibillion-peso port project is part of the larger Public-Private Partnership (PPP) program.
According to DOF, the P9.19-billion Cebu port project is just one project the bank has already signed under the PPP program pipeline and that the agency had also submitted additional projects for its consideration.
Of the P9.19 billion project cost, P7.96 billion will be financed by the official development assistance (ODA) loan and the remaining P1.23 billion will be shouldered by the government.
The Cebu International Container Port project involves the construction of a port with a 500-meter berth length in a 25-hectare reclaimed island Consolacion town, Cebu. The project also includes the improvement of 1,500 meters of inland road and the construction of a 300-linear-meter offshore bridge connecting the port to the shoreline.
This project is envisioned to become a modern international container port that will help sustain Cebu's growing economy. The Cebu Port Authority and Department of Transportation are the lead agencies in the project.
The new container port is geared towards meeting the demands of the dynamic and growing economy of Cebu and of the region. It is expected to provide a long-term solution to the congestion at the existing CIP due to increasing volume and the shallow water depth of its container berths.