Metro Manila, December 22 ------ The Philippines and South Korea signed a deal for a $3-billion loan intended for infrastructure and "green" projects in the country.
The "Framework Arrangement Concerning Loans from the Economic Development Cooperation Fund (EDCF)" for 2022 to 2026 was signed by Foreign Affairs Secretary Enrique Manalo and Korean Ambassador to the Philippines Kim In-chul. "With the signing of this Framework Agreement, I look forward to more fruitful engagements and acknowledge with deep appreciation Korea's swift, steady, substantial and continuing contribution to the socio-economic development in the Philippines," Manalo said during the signing ceremony.
The country's top diplomat added that the agreement was tripled from the 2017-2022 framework arrangement that funded improvements for sustainable rural development, health services, and water management and distribution, among others. Manalo said the South Korean government will also "significantly increase" its official development assistance (ODA) from EDCF for projects focused to boost the country's climate change response by 2025.
South Korea was the Philippines' sixth largest ODA source in 2021, according to Manalo.
Source: cnnphilippines.com
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