South Korea’s Daewoo Engineering & Construction Co. (Daewoo E&C) bagged a $193 million deal to build dams and irrigation facilities in the Philippines, the first overseas deal for the company this year.
Daewoo E&C said on Tuesday it won an order from Philippine National Irrigation Administration (NIA) to build three multipurpose dams and related irrigation facilities at the Jalaur River in Iloilo Province. The project is estimated to cost about $193 million, and the company aims to complete its construction in four years and six months from its commencement date.
To finance the project, the state-run Export-Import Bank of Korea (EXIM Bank) signed a contract to extend a $200 million loan to NIA with the Philippine government, which is the largest loan for a single overseas project, the builder explained.
According to Daewoo E&C, the Jalaur River project, which aims to combat acute water scarcity issue in the Philippines, is expected to help improve the country’s agricultural productivity, secure stable drinking and industrial water supply, prevent flood and boost ecotourism in the region.
Daewoo E&C stocks on Tuesday closed 1.47 percent down at 6,040 won from the previous session.
By Chun Beom-joo and Lee Ha-yeon
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