European Investment Bank keen on cofinancing PH infra, sustainable projects

LUXEMBOURG – The European Investment Bank (EIB) has expressed keen interest in partnering with the Philippines to cofinance infrastructure and other sustainable projects during Finance Secretary Benjamin E. Diokno’s visit to their headquarters in Luxembourg on October 24, 2023.

EIB Vice President Kris Peeters said that the EIB has already started looking into the Marcos administration’s Build Better More projects that are aligned with the European Union’s (EU) priority areas, including climate, digital connectivity, sustainable cities and regions, and renewable energy.

Secretary Diokno affirmed the congruence between the strategic priorities of the Philippines and the EU, highlighting opportunities for the EIB to cofinance some of the 197 infrastructure flagship projects prioritized by the government.

Established in 1958, the EIB is the lending arm of the EU. It is the biggest multilateral financial institution in the world and one of the world’s main financiers of climate action and environmental sustainability.