Metro Manila (CNN Philippines, January 13) — The Philippines has secured a €150-million or almost ₱9 billion policy-based loan from France to augment efforts for climate change mitigation and adaptation.
In a press release on Friday, the French Development Agency (AFD) said it conducted a ceremonial exchange of documents with the Department of Finance of the loan signed last Dec. 29, 2022, which aims to help the climate-vulnerable Philippines in achieving its set target in mitigating greenhouse gas emissions.
“France remains more than ever engaged in a race against time for the preservation of our planet, and the fight against the climate crisis that becomes a concrete and devastating reality in the Philippines,” said Michèle Boccoz, Ambassador of France to the Philippines.
“It will devote €6 billion each year, until 2025, to help developing countries, including the Philippines, finance their transition and cope with climate disasters,” Boccoz added.
According to AFD country director Bénédicte Gazon, the new loan program followed the previous €250 million adaptation program loan mobilized at the end of 2021 to reduce disaster risk at the local level.
The AFD loan is part of the combined policy-based loan equivalent to €390 million the country is set to receive. The remaining US$250 million would come from the Asian Development Bank loan that has been signed in June last year.
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