RoK to lend Philippines one billion USD to develop infrastructure

The Republic of Korea will provide a loan of one billion USD for the Philippines to develop infrastructure, according to Yonhap news agency.

Monday, June 12, 2017 20:29

Hanoi (VNA) – The Republic of Koreawill provide a loan of one billion USD for the Philippines to developinfrastructure, according to Yonhap news agency.

The Export-Import Bank of Korea (Eximbank) willsupply the aforesaid money with low interest in the long term under thestate-run economic development cooperation fund (EDCF).

Philippine President Rodrigo Duterte is planningto spend 168 billion USD on infrastructure development, including railways andports over the next six years, as part of his ambitious socio-economic agendadubbed “Dutertenomics”.

The Philippine government moves to financearound 80 percent of the infrastructure spending locally, and the rest fromforeign sources.-VNA

VNA

#Republic of Korea #RoK #Philippines #loan #infrastructure #interest #railway #port #finance

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