European Investment Bank Keen on Supporting Key Development Projects in the Philippines

July 2023

European multilateral financial institution, European Investment Bank (EIB), expressed its interest to participate in key development projects in the Philippines. The EIB is jointly owned by the EU states mandated to provide funding for projects within and outside the EU.

The EIB gives financing initiatives for SMEs, social and economic infrastructure development, and climate change adaptation and mitigation a high priority. According to the international bank, it is particularly interested in important Philippine projects involving digital connectivity, public transportation, green economy, renewable energy, agriculture, and health.

Among the projects pitched by the Secretary of Trade and Industry, Mr. Alfredo Pascual, include the administration’s EU-Philippine Digital Connectivity Flagship Project which is a project that aims to provide high-speed internet capacity, the ongoing renewable projects of the government, and an invitation to participate in the Mindanao Agro-Enterprise Development Project being managed by the Asian Development Bank.

The Department of Trade & Industry also emphasized the importance of the EU’s Generalized Scheme of Preferences Plus (GSP+) renewal for the Philippines, as well as the commencement of talks on Philippines-EU Free Trade Agreement. The EU is the Philippines’ largest trading partner, receiving approximately 8% to 11% of Philippine exports. The Generalized Scheme of Preference Plus rates are used in about 24% to 28% of the country’s overall exports to the EU.

(Source: Philippine News Agency)

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