France has provided the Philippines nearly P9 billion (150 million euros) as policy-based loan assistance for the country's climate actions and green recovery from Covid-19.
French Ambassador to the Philippines Michèle Boccoz and Department of Finance Sec. Benjamin Diokno on Friday, Jan. 13, co-signed necessary documents in a ceremonial exchange to build on the recent signing of the Credit Facility Agreement, which was already done virtually in Dec 29, 2022.
"They held a symbolic exchange of documents this morning to officially communicate about it," the communication office of the French Embassy in Manila said.
France, through its public financial institution the French Development Agency (AFD), mobilized 150 million euros to complement the 250 million US dollars loaned by the Asian Development Bank (ADB).
The fund is aimed at supporting the Philippines in achieving its nationally determined contribution (NDC) at 2021 United Nations Climate Change Conference and in its efforts to transform vulnerable sectors into a resilient, low-carbon economy.
"France remains more than ever engaged in a race against time for the preservation of our planet, andthe fight against the climate crisis that becomes a concrete and devastating reality in the Philippines," Boccoz said in a statement.
"In this fight for justice and solidarity, France is taking its full part. It will devote €6 billion each year, until 2025, to help developing countries, including the Philippines, finance their transition and cope with climate disasters," she added.
The new program is an example of the parties' joint commitment, according to the French Embassy.
"More specifically, it will support public reforms aimed at setting up planning and financing systems to strengthen climate action, but also to strengthen the resilience of populations to the growing impacts of climate change and to reduce greenhouse gas emissions through the deployment of renewable energies, improving energy efficiency and deploying sustainable transport," it added.