Korea Provides US$100-Million Loan for Philippines’ COVID-19 Emergency Response
A meaningful partnership from the Government of Korea and the Government of the Philippines has been sealed.
On 29 October 2020, the Government of Korea (through the Export-Import Bank of Korea/Korea Eximbank) and the Government of the Philippines (through the Department of Finance) have entered into an agreement for the EDCF COVID-19 Emergency Response Program Loan worth USD 100 million.
This is the third agreement signed by the two countries under the One Billion US Dollars (US$1,000,000,000) EDCF Framework Arrangement for the years 2017 through 2022.
EDCF COVID-19 Emergency Response Program Loan
Providing immediate financing/budgetary support to the recipient country for economic policies or implementation of sector development plans is the goal of the loan program. It may also take the form of an emergency relief fund for a pandemic situation like COVID-19.
Recipients of the EDCF COVID-19 Emergency Response Program Loan are: New Cebu International Container Port Project(U$172,641,000) and Philippines-Korea Project Preparation Facility(U$50,000,000).
Due to COVID19-related travel restrictions, the EDCF COVID-19 Emergency Response Program Loan agreement between the two governments were cross-signed by mail.
Notably, this is the first and largest COVID19-related bilateral assistance offered by the Republic of Korea to a partner country, so far. The Korean Government, via the Korea Eximbank’s Economic Development Cooperation Fund (EDCF), has allotted a total of USD 540 million this year to help finance national COVID-19 responses in 14 developing countries.
Through this program loan, which is a type of budgetary support for policy establishment and implementation of COVID-19 response strategies, the Government of Korea expresses its solidarity with the Philippines and the international community in the ongoing global battle against coronavirus.
It is also hoped that this will further strengthen relations between Korea and the Philippines in the field of public health and safety in addition to diverse areas of cooperation over the past 70 years.
Learn more about the work of EDCF here: EDCF Korea
Keep up-to-date with EDCF activities in the Philippines via Facebook here: EDCF PH
PR Source: Korean Cultural Center Philippines