THE PHILIPPINES and Sweden signed a financial development cooperation agreement to increase access to grants and blended financing for development projects.
“The high-impact sectors covered by the agreement — where Sweden has a comparative advantage — are sustainable infrastructure development, public transportation, renewable energy, and water and waste management, among others,” the Department of Finance (DoF) said in a statement on Monday.
The memorandum of understanding (MoU) will provide additional avenues for the Philippines to tap and access grants, technical assistance, concessional official development assistance, and/or blended financing from Sweden.
Among the projects eyed for such funding include the EDSA Busway Project, the Iloilo Bus Rapid Transit, the Subic-Clark-Manila-Batangas Railway Project, the National Bus Standardization program, the Hydropower Potential Resource Assessment, and the National Power Corp. – Hybridizing Diesel Power Plants project.
Finance Secretary Ralph G. Recto said: “All these will help us transition into a greener, healthier, and more sustainable future for our people.”
Under the MoU, the Philippines will gain access to “world-class expertise, technical know-how, and innovative solutions” of the Swedfund International AB and the Swedish Export Credit Corp.
“These projects complement Sweden’s ongoing support to enhance the welfare and global competitiveness of Filipinos through partnerships in cancer care, defense, and digitalization,” DoF said.
Mr. Recto noted the presence of around 40 major Swedish companies in the Philippines.
“In these times marked by 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,” Minister for Infrastructure and Housing Andreas Carlson said, who signed the agreement on behalf of Sweden. — Aubrey Rose A. Inosante
