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Spain offers 300-million euro loan to finance infra projects in PH

The Spanish government is offering a 300-million-euro loan to support Philippine government projects in infrastructure, agro-food, and tourism, the Department of Finance said.

Spanish Ambassador-designate Jorge Moragas informed Dominguez during a recent meeting about the proposed memorandum of understanding on mechanisms involving the 300-million-euro facility and another agreement on economic and financial cooperation between Manila and Madrid.  

Moragas also expressed Spain’s interest in investing in President Rodrigo Duterte’s centerpiece ‘Build, Build, Build’ program, especially in railway projects. 

Dominguez said Spain and its companies were most welcome to take part in the 75 flagship projects under ‘Build, Build, Build’ particularly in providing rolling stock and other equipment for the rail projects in Metro Manila and Luzon.  

Dominguez thanked Spain for pledging in November 2018 an additional $50 million (P2.619 billion) support for the reconstruction and rehabilitation of the damaged city of Marawi in Mindanao.

Spain’s pledge is on top of the technical assistance is provided to government agencies in preparation for the implementation of projects under the Bangon Marawi Comprehensive Rehabilitation and Recovery Program.

The proposed MOU on economic and financial cooperation between the Philippines and Spain aims to further enhance the bilateral relations between the two countries through the creation of a joint intergovernmental committee that will identify opportunities for cooperation in such fields as agriculture, transportation, basic infrastructure, disaster-risk finance, energy, and environmental economics.

Topics: Department of Finance , Jorge Moragas , Rodrigo Duterte , ‘Build , Build , Build’
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