The governments of the Philippines and of France have signed an agreement to deliver projects that will support poverty reduction.
In a social media post yesterday, the Department of Finance (DOF) said finance secretary Ralph Recto and ambassador of the French Republic to the Philippines Marie Fontanel signed a government-to-government agreement on financial and development cooperation last June 7.
The agreement seeks to deliver pioneering projects that help reduce poverty and pave the way to inclusive growth for all Filipinos.
The Agreement on Financial and Development Cooperation will allow the government of the Philippines to secure concessional official development assistance and blended financing from the Government of France for the implementation of the administration’s priority projects and programs.
“With the broad range of development areas covered, this agreement will certainly serve as a key poverty-fighting force that will help us establish a solid foundation for a thriving, inclusive future for Filipinos,” Recto said.
The finance chief stated that the signing of the agreement is more than just a financial partnership, but an assurance of uninterrupted delivery of programs and projects that will benefit all Filipinos.
“With the agreement now in place, we anticipate strengthened cooperation with France across high-impact sectors crucial to our country’s development,” Recto said.
These sectors include agriculture, agro-industry, mining, water sanitation, infrastructure, transportation and renewable energy.
He reiterated his commitment to lead the DOF in ensuring the efficient implementation of the agreement, as well as the full compliance of all relevant agencies with the processes and protocols agreed upon.
In her remarks, Fontanel stated that France is eager to enhance the level of its partnership with the Philippines, particularly in defense, security, energy, food, maritime and climate change.
