South Korea and the Philippines discussed the progress of major infrastructure projects supported by Seoul’s overseas cooperation fund, the finance ministries said.
During the meeting in Manila, the two countries reviewed details of projects financed by the Economic Development Cooperation Fund (EDCF), a low-interest loan program designed to support infrastructure projects in developing countries, according to a statement from the Ministry of Economy and Finance. In October, Seoul signed a memorandum of understanding to provide US$905 million in EDCF funding for the construction of the first section of the Laguna Lake Coastal Road Network, a 37.5-kilometer network of roads and embankments along Laguna Lake near Manila. South Korea also plans to allocate $1 billion for the construction of a 13-kilometer bridge that will connect the Philippine islands of Panay, Guimaras and Negros. The Ministry of Finance held a separate meeting with the Asian Development Bank (ADB) on Thursday and both sides agreed to strengthen cooperation on supporting new projects by leveraging South Korea’s overseas assistance programs.
