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Philippines, France Sign Accord On Financial, Development Cooperation

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Philippines, France Sign Accord On Financial, Development Cooperation

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The Philippines and France have signed a government-to-government agreement on financial and development cooperation.

In a statement on Monday, the Department of Finance (DOF) said the agreement on Financial and Development Cooperation (AFDC) was signed by Finance Secretary Ralph Recto and Ambassador Extraordinary and Plenipotentiary of the French Republic to the Republic of the Philippines Marie Fontanel on June 7, 2024.

The agreement will allow the Philippine government to secure concessional official development assistance (ODA) and blended financing from the Government of France for the implementation of the Marcos administration’s priority projects and programs.

“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,” Recto said.

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

These sectors include 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,” Recto said.

He assured the efficient implementation of the agreement, as well as the full compliance of all relevant agencies with the processes and protocols agreed upon.

Fontanel, meanwhile, assured that France would enhance its level of partnership with the Philippines, particularly in defense, security, energy, food, maritime, and climate change.

She also expressed France’s commitment to help with the rollout of the Build Better More program. (PNA)