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THE National Economic and Development Authority (NEDA) on Friday
said that the South Korean government has committed hundred millions
of dollars to the Philippines to fund infrastructure projects over
the next two years.
The NEDA said the Economic
Development Cooperation Fund (EDCF) of the Export-Import Bank of
Korea approved the $300-million assistance to the Philippines from
2007 to 2009.
The EDCF will extend a loan
amounting to $25.14 million for the P35.25 million Quirino Higway
project; $9.8 million assistance for the Bacolod City Silay road,
$15.43 million for the Sta. Cruz, Lubao-Dinalupihan road, and $51.9
million for the Northrail-Southrail Linkage Project Phase II.
The EDCF extends loans such as
funding of feasibility studies and detailed designs. The loan
carries 1-percent to 5-percent annual interest rates with
0.1-percent service charge on total disbursements and 30 years
maturity inclusive of a 10-year grace period.
Under the Korean International
Cooperation Agency’s (KOICA) budget plan from 2006 to 2009,
about $20 million to $30 million a year is allotted to the
Philippines.
The KOICA provides grants in the
form of project aid, technical training, and dispatch of medical
doctors. The priority sectors of assistance are agriculture,
fishery, human resource development through information
communication and technology, transportation infrastructure
development, energy resource management, environmental protection
and Mindanao development in the field of public health care and
education.
--Darwin G. Amojela
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