MANILA, Philippines - The Philippines and the Export Import Bank of Korea (Korea Eximbank) signed on Thursday a $208-million loan agreement for the second phase of a multipurpose irrigation project in Iloilo.
President Aquino witnessed the signing of the loan agreement between Korea Eximbank vice president Sang-wan Byun and Finance Secretary Cesar Purisima.
Also in attendance were South Korean Ambassador Hye Min Lee, Sen. Franklin Drilon, Agriculture Secretary Proceso Alcala and Korea Eximbank Manila representative Tae-ik Park.
The Jalaur River Project is so far the biggest Economic Development Cooperation Fund project with South Korea. It was approved under the $500-million framework arrangement signed during the state visit of Korean President Myung-bak Lee to the Philippines last November.
The project aims to promote irrigation and agricultural productivity and boost economic and social development in Iloilo as well as contribute to the achievement of national food self-sufficiency targets.
“This project is expected to further deepen the economic and diplomatic ties between the two nations, as well as to provide more opportunities of development cooperation in agricultural industry and water resource development sector,” Byun said.
Meanwhile, Japan has provided around P398 million for the construction and rehabilitation of schools used as evacuation centers in the province of Albay.
Japan embassy deputy chief of mission Motohiko Kato joined Albay Gov. Jose Salceda during the groundbreaking of the project in Sto. Domingo, Oas, Polangui, Libon, Manito and Legazpi City on Thursday and Friday.