PH, S Korea ink $20.6-M loan for Samar road project
MANILA, Philippines - South Korea is providing a $20.63 million official development assistance (ODA) loan to the Philippines to finance the construction of a coastal road in Samar.
The Philippine and South Korean governments signed the loan agreement to support the implementation of the Samar Pacific Coastal Road project last August 19. Finance Secretary Cesar V. Purisima and Export-Import Bank of Korea (KEXIM) Chairman and President Yong Hwan Kim signed the agreement.
Under the loan agreement, South Korea, through KEXIM will provide an ODA loan under the Economic Development Cooperation Fund amounting to $20.631 million to finance the construction of 14 kilometers of roads and 220 lineal meters of bridges that will traverse the coastal towns from San Policarpio to Palapag, Samar.
The project which would link "Pacific" towns would eventually create a circumferential road loop for Samar Island.
"We are grateful to the Korean Government, through KEXIM, for extending a highly concessional financing for this Project. Aligned with President Aquino’s vision of people-oriented infrastructure investment, the Samar Pacific Coastal Road Project will propel the development of the industries in Northern and Eastern Samar and accelerate the poverty alleviation efforts in the region,” Purisima said in a statement.
The South Korean government has supported various projects such as the Jalaur River Multipurpose Project Stage II in Iloilo Province and the Puerto Princesa Airport Development Project. KEXIM also finance the construction and development of the Laguindingan Airport in Misamis Oriental.