On Wednesday, the Philippines and the European Union signed a 60-million-euro financing agreement to support green investments and infrastructure during the Global Gateway Forum in Brussels, Belgium.
The Green Economy Program deal, signed at the Global Gateway Forum in Brussels, aims to assist the Philippines in reducing plastic usage, ensuring water supply, and promoting energy efficiency.
Implementers of the program include Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and Expertise France, with financial contributions from Spain, Finland, Germany, and France. Austria, Netherlands, and Sweden will also provide their expertise.
The grant is expected to help the Philippines achieve its commitment to reduce greenhouse gas emissions by 75% by 2030.
Before this grant, the EU had provided a €20 million grant to the Philippines to improve its internet infrastructure through connectivity projects.
The EU is also considering a free trade agreement with the Philippines and has expressed interest in collaborating on projects to develop the country’s mining industry and secure the global supply of critical raw materials.
Source: PhilNews24 | October 27, 2023
