The Korean Government has extended USD 56.6 million in loans to the Philippines government for engineering services needed for the 32-kilometer Panay-Guimaras-Negros (PGN) Island Bridges Project.
This loan will support the swift implementation of the much-anticipated mega bridge project to link the provinces of Iloilo, Guimaras and Negros Occidental, which will spur many development opportunities in these provinces. In particular, the loan will finance engineering services that are required prior to the construction of the bridges. This includes preliminary design covering a review of the feasibility study and preliminary and basic design; detailed engineering design including estimation of detailed construction cost; and procurement assistance. The Government of the Philippines said that the construction was slated to start by 2025.
(Sources: Department of Public Works and Highways; INQUIRER.net)