Agreed to push for Philippine mega infrastructure projects with foreign economic cooperation fund

In the wake of the summit between South Korea and the Philippines, two large-scale Philippine infrastructure projects will be promoted with more than 2 trillion won in long-term low-interest, paid-in aid funds.

Deputy Prime Minister and Minister of Strategy and Finance Choi Sang-mok and Philippine Finance Minister Ralph Lecto signed a memorandum of understanding on the construction of the Laguna Lake Ring Road and the PGN Sea Bridge on the occasion of today's summit between South Korea and the Philippines in Manila, Philippines.

The two projects are the first large-scale projects worth $1 billion each for the International Economic Cooperation Fund and EDCF, ranking first and second in history.

The two projects are competitive bidding, which is limited to Korean companies, to support Korean companies' expansion into the Philippines and Southeast Asian infrastructure markets.

The two countries also signed a $100 million second project loan agreement for the Samar Coastal Road.