South Korea’s USD1.7bn loan offer to cover ICT

South Korea has offered a USD1.7bn credit facility and another USD7m in the form of non-lending programs to the Philippines to help implement the Duterte administration’s priority programs in the transport, information and communications technology (ICT), and energy sectors. In a statement, the Department of Finance (DOF) said the financial instruments would be available through the Export-Import Bank of Korea, which controls an economic development cooperation fund that facilitates official development assistance. The KEXIM credit line can also be tapped via a tied loan facility with South Korean companies entering into joint ventures with Philippine local firms, the DOF added.