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.
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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.
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“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.
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“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.
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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.
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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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