The Government of China has extended a PHP17.39 billion loan to finance the Samal Island-Davao City Connector (SIDC) project in Mindanao, the Philippines. The concessional loan will cover 90 per cent of the total financing requirements of the project’s design-and-build contract worth PHP19.32 billion. The loan has an annual interest rate of 2 per cent and payable in 20 years, including a seven-year grace period.
The construction of the 3.86 km two-way, four-lane bridge will be undertaken by the Department of Public Works and Highways (DPWH) in partnership with the China Road and Bridge Corporation (CRBC).
Construction on the project is scheduled to commence in July 2022 and take around 60 months to complete. Once completed, the new bridge will reduce dependency on ferry services and reduce travel time from 30 minutes to 5 minutes.
