DOF taps French funding for 100M euro aid
Running local governments will be receiving some help from abroad.
The Philippines has secured a €100 million loan from the Agence Française de Développement (AFD), which will be used for the Local Government Finance and Fiscal Decentralization Reform Program.
The funding, which is roughly $115 million, will be complemented by a $250-million fund from the Asian Development Bank.
The funding will support strategies for inclusive growth, poverty reduction, and “fostering good local governance, transparency and accountability,” the Department of Finance said in a statement.
The fund will be made available by the fourth quarter of this year or the first quarter of 2018, depending on how soon the agreement will be signed.