The Philippines and Sweden have signed a government-to-government financial and development cooperation agreement, allowing Manila to tap and access grants for Stockholm’s priority programs.
In a statement on Monday, the Department of Finance (DOF) said the Memorandum of Understanding on Financial and Development Cooperation between the Government of the Republic of the Philippines and the Government of the Kingdom of Sweden was signed by Finance Secretary Ralph Recto and Minister for Infrastructure and Housing Andreas Carlson on Nov. 22 at the DOF office in Manila.
Aside from grants, the MOU provides an additional basis for the Philippine government to tap technical assistance, concessional official development assistance, and/or blended financing from the Swedish government for priority programs and projects of the country.
The DOF said projects in the pipeline include the EDSA Busway Project, the Iloilo Bus Rapid Transit, the Subic-Clark-Manila-Batangas Railway Project, the National Bus Standardization, the Hydropower Potential Resource Assessment, and the National Power Corporation-Hybridizing Diesel Power Plants.
“I am proud to take our collaboration to the next level. We entered another agreement that will enhance the economic security of Filipinos through increased access to Swedish financing for our development initiatives,” Recto said.
“All these will help us transition into a greener, healthier, and more sustainable future for our people,” he added.
The MOU also allows the Philippines to have access to the expertise, technical know-how, and innovative solutions of the Swedfund International AB and the Swedish Export Credit Corporation.
The DOF said this will ensure the long-term sustainability and success of the projects undertaken.
“In these times marked by your political uncertainty, it is the conviction of the Swedish government that we must do everything possible to foster strong partnerships for growth, prosperity, and security in our respective countries and around the world with trusted partners. The Philippines is one of the very important partners in the world,” Carlson said. (PNA)
