Congestion, port project and $172M fund
CONGESTION in the existing port in Cebu City will soon be addressed when the new Cebu International Container Port (CICP) project in Consolacion town will be completed.
Director Efren Carreon, National Economic Development Authority in Central Visayas (Neda-7) chief, said this as he welcomed the the $172-million funding extended by the Export-Import Bank of Korea for the implementation of the port project.
“We are pleased with the development, as this would address the congestion issue at the existing port. Once completed, this new facility would support and sustain the level of development in Central Visayas, increase its access to economic opportunities, and reduce traffic congestion in Metro Cebu,” said Carreon in a statement.
Finance Secretary Carlos Dominguez III and Export-Import Bank of Korea President and Chairman Eun Sung-soo signed the loan agreement last June 4, with President Rodrigo Duterte and South Korean President Moon Jae-in as witnesses.
The new CICP will be built on a 25-hectare reclaimed land in Barangay Tayud, Consolacion and will have a 500-meter berth length that can simultaneously accommodate two 2,000 TEU (twenty-foot equivalent unit) vessels; operating facilities and structures for containers; an access road and bridge; and a dredged waterway and turning basin.
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