Export-Import Bank Provides $260 Million Loan for New Airport Construction Project in the Philippines

The Largest Ever Philippine EDCF Project... The 3rd Airport Project in the Philippines
Cooperation Agreement Signed for $3 Billion Economic Cooperation Fund... Focused Discovery of Promising Projects

The Export-Import Bank of Korea announced on the 7th that it will provide a loan of 260 million dollars for the 'Dumaguete New Airport Construction Project' in the Philippines.

On the morning of the 7th (local time), Yoon Hee-sung, President of the Export-Import Bank of Korea, met with Ralph G. Recto, Minister of Finance of the Philippines, in Manila, Philippines, and signed a loan agreement under the Economic Development Cooperation Fund (EDCF) for this purpose.

The 'Dumaguete New Airport Construction Project' is a project to build a new airport with an annual capacity of 2 million passengers in the central Visayas region of the Philippines, and it is the largest EDCF project in the Philippines to date. Following the Puerto Princesa and Laguindingan airports, it is the third airport project supported by the EDCF, and it is expected to further expand opportunities for Korean companies to enter related fields in the Philippines, where demand for air traffic is high.

Additionally, President Yoon signed a Cooperation Arrangement to provide $3 billion in Economic Development Promotion Fund (EDPF) to the Philippines over the next five years. With the signing of this cooperation arrangement, the limit and period for EDPF support are pre-determined, allowing both countries to focus on discovering promising candidate projects.

After signing the loan agreement and cooperation arrangement, President Yoon said, “The Philippines is a key partner country for Official Development Assistance (ODA) cooperating with Korea in various fields. Using the EDCF, the Export-Import Bank of Korea has supported a total of 1.62 billion dollars across 25 projects, ranking fourth overall.” He added, “The signing of this loan agreement and cooperation arrangement will serve as a foundation for utilizing complex financing to promote landmark projects such as the new airport and maritime bridges in the Philippines, and is expected to play a foothold role for Korean companies to enter large-scale infrastructure construction projects.”