The Philippine government is borrowing $350 million from the Chinese government for the Samal Island-Davao City Connector (SIDC) bridge project in Davao region.

Finance Secretary Carlos Dominguez III and Chinese Ambassador to the Philippines Huang Xilian on Monday exchanged the Framework Agreement on the provision of loans to the Philippine government for the SIDC project.

"The first cross-sea bridge that the Davaoeno people have long dreamed of will come true! On behalf of the Chinese side, today I exchanged with Finance Secretary Dominguez the signed Framework Agreement and Loan Agreement for the Samal Island-Davao City Connector Project. The Chinese government will provide a concessional loan of approximately 350 million US dollars to the Philippine government to finance the project," Huang said in a Facebook post.

Dominguez also exchanged with Huang the loan document that provides financing for the project.

The bridge will connect the Samal Circumferential Road in Barangay Limao, Island Garden City of Samal to Davao City in between R. Castillo-Daang Maharlika junction.

It will have a total length of 3.98 kilometers and will cross over Pakiputan Strait.

The Department of Public Works and Highways said the project is expected to break ground in July 2022, with the construction duration to last 60 months.

FROM THE ARCHIVES

Watch more News on iWantTFC