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Manila Bulletin devider Business devider Philippines secures Swedish funding for major infra projects

Philippines secures Swedish funding for major infra projects

Published Nov 25, 2024 06:46 am

The Philippines has secured a government-to-government financial and development cooperation agreement with Sweden, aimed at enhancing economic security and investment in key projects.

The DOF announcement follows the signing on Nov. 22, 2024, involving Finance Secretary Ralph G. Recto and Sweden’s Minister for Infrastructure and Housing Andreas Carlson.

According to the DOF, the memorandum of understanding allows the Philippine government to access Swedish financing for developmental initiatives through grants, technical assistance, and concessional official development assistance.

Carlson noted the importance of fostering partnerships during politically uncertain times, stating, “It is the conviction of the Swedish government that we must do everything possible to foster strong partnerships for growth, prosperity, and security.”

The collaboration underscored the Philippines' role as a vital partner for Sweden on the global stage.

The agreement focuses on high-impact sectors where Sweden has expertise, including sustainable infrastructure, public transportation, renewable energy, and water management.

Key projects identified under this initiative include the EDSA Busway Project, Iloilo Bus Rapid Transit, and the Subic-Clark-Manila-Batangas Railway Project, among others. Recto noted that these initiatives are designed to transition the nation towards a greener, healthier, and more sustainable future.

Additionally, the agreement will facilitate access to the technical know-how and innovative solutions provided by Swedfund International AB and the Swedish Export Credit Corporation.

These partnerships aim to ensure the long-term sustainability of the projects. Recto emphasized that Sweden's ongoing support, including its involvement in cancer care and digitalization efforts, further strengthens its partnership with the Philippines.

The presence of approximately 40 major Swedish companies in the Philippines, including the largest IKEA store, reflects Sweden's confidence in the nation.

“With this broad range of development areas, Sweden is certainly one of the Philippines’ strongest poverty-fighting allies,” Recto added.

Assuring the Swedish government of the DOF’s commitment, Recto stated that the department would oversee the effective implementation of the agreement.

He expressed enthusiasm for the tangible outcomes of this cooperation, looking forward to the shared achievements in the coming years.

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Department of Finance (DOF) ralph recto Finance Secretary
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