PH secures $230-M French fund for blue economy project

Department of Finance

MANILA, Philippines — The Philippine government has secured another 200 million euros ($230 million) in financing from French development agency Agence Française de Développement (AFD), this time for a program aimed at protecting marine ecosystems and developing the country’s blue economy.

In a statement on Thursday, the Department of Finance (DOF) said the financing, equivalent to around P14 billion, will fund the Marine Ecosystem for Blue Economy Development (MEBED) 1. The program is expected to generate sustainable livelihoods for more than three million people, including fisherfolk, aquaculture operators and tourism workers.

READ: France backs PH food security program with €200M funding

Article continues after this advertisement

PH secures $230-M French fund for blue economy project

Related reading

France backs PH food security program with €200M funding

DOF secures $6.78-M grant for 5-year climate project

PH, Denmark ink cooperation agreement

PH gets $600-M US healthcare grant

DOF to tap up to $1.5B in ADB support for oil shock response

PH secures $60-M MCC grant for energy sector