Sweden is planning to fund a feasibility study (FS) on the Subic-Clark-Manila-Batangas freight railway, the flagship project of the Luzon Economic Corridor (LEC).
The Office of the Special Assistant to the President for Investments and Economic Affairs (OSAPIEA) said Swedish Trade Commissioner Johan Lennefalk disclosed Swedfund, Sweden’s development finance institution, is planning to invest on the FS.
Lennefalk made a project presentation at the 3rd LEC Steering Committee Meeting Discussion with Like-Minded Partners Session in Malacanang on November 22.
Secretary Frederick Go of the OSAPIEA co-chairs the LEC Steering Committee.
In his presentation, Lennefalk reaffirmed his country’s commitment to foster inclusive economic growth through enhanced connectivity and sustainable practices. Other projects the country is planning to venture into will focus on healthcare development and sustainable mining practices.
The tri-partite LEC proponents’ Steering Committee Discussions, led by the Philippines, the US and Japan, saw the emergence of more countries expressing their interest to engage in the development of the LEC.
Korea earlier presented its commitment to invest in sustainable infrastructure development; the United Kingdom highlighted ongoing investments in renewable energy, green infrastructure, and transport; Australia bared it is seeking to find opportunities in food and agriculture, clean energy infrastructure, and mining sectors.
The LEC is an initiative of the G7 Partnership for Global Infrastructure and Investment (PGI) that was launched during the PH-Japan-US trilateral summit early this year “The LEC, which is the first of its kind in the Indo-Pacific Region, has been gaining ground and receiving strong support from its partners. We are happy that several other countries have signified their desire to contribute to the development of the Corridor,” Go said.
