Philippine seeks improved ODA access from France for poverty projects

MANILA, Philippines — The Philippines is seeking improved access to concessional loans and blended financing from the French government to fund poverty reduction projects in the country.

France and the Philippines recently inked a government-to-government agreement on financial and development cooperation that aims to reduce poverty and boost growth for Filipinos.

Finance Secretary Ralph Recto said the agreement on financial and development cooperation (AFDC) would allow the Philippines to secure concessional official development assistance (ODA) and blended financing from France.

These would help in the implementation of the administration’s priority projects and programs.

ODAs are either a loan or a grant administered to promote sustainable social and economic development and welfare among developing economies such as the Philippines.

ODA resources are contracted with governments of foreign countries with whom the Philippines has diplomatic, trade relations or bilateral agreements, or which are members of the United Nations, their agencies and international or multilateral lending institutions.

The AFDC was signed between Recto and Ambassador Extraordinary and Plenipotentiary of France to the Philippines Marie Fontanel.

Recto maintained that the AFDC is more than just a financial partnership but an assurance of uninterrupted delivery of programs and projects for the Philippines to help in achieving economic prosperity.

“We anticipate strengthened cooperation with France across high-impact sectors crucial to our country’s development,” Recto said.

These sectors include agriculture, agro-industry, mining, water sanitation, infrastructure, transportation and renewable energy.

Fontanel, for her part, emphasized that France is eager to enhance the level of its partnership with the Philippines particularly in defense, security, energy, food, maritime and climate change.