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Sep 24, 2017 @ 18:22

DA hopeful to seal the EU 510M assistance from Hungarian gov’t

Officials from the Department of Agriculture (DA) began engaging officials from the Hungarian government this weekend to make sure that the latter’s funding offer of 510 million euros will indeed reach the Philippines.

“Here in Budapest, officials of the Department of Agriculture (DA) and the Laguna Lake Development Authority engaged Hungarian officials in three hectic meetings to discuss an earlier offer by the Eastern European nation to extend an EU510-million loan facility to finance development projects in the Philippines, especially the clean-up of rivers and lakes in the Philippines,” Agriculture Secretary Emmanuel Piñol said in a Facebook post.

According to him, the meetings were a follow through of an earlier engagement he had with Hungary Foreign Minister Peter Sjjarto in May this year where he said the Eximbank of Hungary has an EU510-M loan facility for the Philippines as his country starts what it calls the “Asian Shift.”

“Finance Secretary Carlos Dominguez and Foreign Affairs Secretary Alan Peter Cayetano both urged the DA to make a follow through on the offer,” Piñol further said.

István Joó, Ministerial Commissioner for Water Diplomacy, Export and the Danube Region Strategy, was tasked to lead the panel that would conduct the initial arrangements for the planned funding to move forward.

For his part, Eximbank of Hungary Deputy Chief Executive Officer Andraś Puskaś said, as cited by Piñol, that the bank is now ready to work on the loan facility as soon as the Hungarian and Philippine Governments have finalized the agreement.


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