Philippines secures $56.6M loan for island bridge project

The Philippines has secured a $56.6 million loan from South Korea's Export Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) for engineering services related to the Panay-Guimaras-Negros Island Bridges Project.

Finance Secretary Carlos Dominguez III and KEXIM-EDCF executive director Tae-Soo Kim exchanged copies of the loan agreement on May 4, less than two months before the end of President Duterte's term.

The project involves constructing two sea-crossing, four-lane bridges spanning a total of 32.47 kilometers, along with connecting roads and interchanges to link Panay, Guimaras, and Negros islands in Western Visayas.