‘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’
Finance Secretary Ralph Recto (left) and French Ambassador Extraordinary and Plenipotentiary to the Philippines Marie Fontanel sign the Agreement on Financial and Development Cooperation.
Photograph courtesy of DoF
The government will fund more projects as a result of a new financing agreement between the Department of Finance (DoF) and France.
The DoF on Monday said the Agreement on Financial and Development Cooperation (AFDC) was signed by Finance Secretary Ralph Recto and French Ambassador Extraordinary and Plenipotentiary to the Philippines Marie Fontanel last 7 June.
“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.
ODA conduit
The AFDC will allow the Philippines to obtain official development assistance and funds from other methods by the French government.
Recto said the funds from France will be used to improve agriculture, agro-industry, mining, water sanitation, infrastructure, transportation and renewable energy.
Fontanel added France is keen on working with the Philippines to strengthen its defense and climate change mitigation.
“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.
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