Editor's PickInvesting Ideas

PHL eyes ODA from France to fund projects

A French national flag is seen at the Palais Brongniart in Paris, France, March 25, 2024. — REUTERS

THE PHILIPPINES and France have signed a government-to-government agreement to secure funding for the former’s priority projects, the Finance department said.

In a statement on Monday, the agency said the agreement would allow the Philippine government to obtain concessional official development assistance (ODA) and blended financing from France.

This would be used to “deliver pioneering projects that help reduce poverty and pave the way for inclusive growth for all Filipinos.”

The Agreement on Financial and Development Cooperation (AFDC) was signed by Finance Secretary Ralph G. Recto and France’s Ambassador to the Philippines Marie Fontanel on June 7.

“With the broad range of development areas covered, this agreement will certainly serve as a key poverty-fighting force that will help us establish a solid foundation for a thriving, inclusive future for Filipinos,” Mr. Recto said.

“With the agreement now in place, we anticipate strengthened cooperation with France across high-impact sectors crucial to our country’s development,” he added.

The agreement will support projects in key sectors such as agriculture, agro-industry, mining, water sanitation, infrastructure, transportation and renewable energy.

“We are very enthusiastic about the numerous pioneering  and exciting projects that will be developed through this agreement, especially those that have never been done before in the Philippines,” Mr. Recto added.

Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco said in a Viber message that the department has finalized the framework and sectors to be prioritized.

She said the pipeline of projects is “subject to further discussions.”

Ms. Fontanel said the French government is “eager to enhance the level of its partnership with the Philippines, particularly in defense, security, energy, food, maritime, and climate change.”

The Marcos administration has 185 infrastructure flagship projects worth P9.14 trillion in the pipeline. These are major infrastructure projects that have been prioritized by the government for implementation. These projects cover various sectors such as transportation, energy, water resources and social infrastructure. — Luisa Maria Jacinta C. Jocson

Related Articles

Back to top button
Close
Close