PH and Sweden hold joint workshop on dev’t cooperation to strengthen bilateral ties

Key officials from the Philippine and Swedish governments jointly held a workshop on December 13, 2023 to explore potential opportunities for cooperation in financing key infrastructure and development projects in the Philippines to further strengthen the bilateral ties between the two nations.

The Philippine government side was led by the Department of Finance (DOF) while the Swedish government was represented by the Swedish Export Credit Corporation (SEK), the Swedish Export Credit Agency (EKN), and the Swedish Development Finance Institution (Swedfund).

Areas of cooperation include project preparatory and feasibility studies financed by Swedfund and the funding of sustainable infrastructure projects utilizing Swedish export credit facilities from SEK and EKN.

“The upcoming finalization and conclusion of the MOU [Memorandum of Understanding] between the Philippines and Sweden only attests to the Swedish government’s continued support for the country in the field of sustainable investment and resilient socioeconomic development,” said Finance Secretary Benjamin E. Diokno.

DOF Undersecretary Maria Edita Z. Tan likewise expressed optimism on the proposed bilateral agreement, highlighting that the finalization of the MOU between the two nations is key for the realization of proposed priority projects in the Philippines being eyed for preparation and financing by Swedish export credits, including possible provision of grant financing by Swedfund and other opportunities for cooperation utilizing Sweden expertise, experience, technology, and comparative advantages.

The workshop allowed government representatives from both sides to review priority areas of development in the Philippines, including public and regional transportation, renewable energy, energy transmission, and circular solutions for water and waste.

“Through this workshop with the DOF, we trust the Philippines and Sweden will establish a good cooperation, which will support the financing of Philippine infrastructure,” said SEK Senior Director of International Finance Birgitta Lindstrom Kruk.

“We believe that the workshop was a good opportunity for Team Sweden to further showcase Swedish financial facilities