[In photo: Ambassador Annika Thunborg, Trade Commissioners Kristina Elinder Liljas and Emil Akander, and Finance Undersecretary Maria Edita Z. Tan (center) with representatives from SEK, EKN, Swedfund, Business Sweden, and the Philippine Government. Photo credit: Department of Finance]
Key officials from the Swedish and Philippine governments jointly held a workshop on December 13 to explore potential opportunities for cooperation in financing key infrastructure and development projects in the Philippines, and 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,” Finance Secretary Benjamin E. Diokno said.
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,” SEK Senior Director of International Finance Birgitta Lindstrom Kruk said.
“We believe the workshop was a good opportunity for Team Sweden to further showcase Swedish financial facilities and find the best areas of synergy with the Philippines,” EKN Deputy Director for Large Corporates Kjell Forsberg said.
The Philippines has previously received cooperation funding through Swedfund wherein Sweco, Europe’s leading engineering and architecture consultancy, was selected to support the feasibility study and provide technical assistance that led to the development of the EDSA Busway.
“Swedfund has been engaged in the Philippines since 2018 supporting the government in developing public transportation in Manila. We hope the workshop will lead to even closer collaboration and Team Sweden can be a part of realizing the Philippines’ important green transition and growth agenda,” Swedfund Manager Anna Älgevik said.
The workshop attendees from the Philippines include representatives from the Office of the President (OP), Department of Foreign Affairs (DFA), National Economic and Development Authority (NEDA), Department of Transportation (DOTr), Department of Public Works and Highways (DPWH), Department of Energy (DOE), and Bases Conversion and Development Authority (BCDA).
On the other side, Team Sweden was also comprised of Business Sweden and the Embassy of Sweden in Manila.
