• Melo Acuna

EU releases grants €60.5 million for Mindanao

European Union gives two grants €60.5 million for Mindanao

MANILA – The European Union (EU) gave two grants amounting to €60.5 million or US$39.8 million to the Philippine government to further strengthen the peace-building efforts in Mindanao with thrusts on the institutions within the Bangsamoro autonomous government, creating livelihood, and improving community-based infrastructure in agricultural communities.

In a statement released today, the Department of Finance said Finance Secretary Carlos G. Dominguez III signed recently the Financing Agreement for the Mindanao Peace and Development Programme (MINPAD)-RISE Mindanao sent by the EU to formalize the €35.5 million grant.

He also singed a separate Financing Agreement for the €25 million grant for the Support to Bangsamoro Transition (SUBATRA) program late last week. The MINPAD-RISE Mindanao Project will be implemented by the Mindanao Development Authority (MinDA) currently chaired by Secretary Emmanuel Piñol. The undertaking will be co-financed by the EU and the government of Germany for €4 million (US$4.48 million and the World Bank amounting to US$130 million or €115.99 million.

The entire project costs €149.5 million or US$167.56 million.

The International Finance Group (IFG) of the Department of Finance (DOF) said RISE Mindanao aims to “contribute to a peaceful, cohesive, secure and inclusively developed Mindanao” and “improve social cohesion, resiliency of communities and increased economic opportunities in Mindanao.”

According to the Department of Finance, the European Union is a major contributor to the Mindanao Trust Fund for Reconstruction and Development (MTFRD), a multi-donor grant facility established in 2005 to consolidate international development assistance for the socio-economic recovery of conflict-affected communities in southern Philippines. (Melo M. Acuña)


24 views

LET'S TAKE IT TO THE NEXT LEVEL

© 2020 by Fortunato Sam Balindan. Proudly created with Wix.com