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

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.

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This marks the second 200-million-euro financing secured by the DOF this week, following a separate agreement with AFD to support food security among low-income families.

MEBED will support policy reforms and investments geared toward protecting marine ecosystems, improving solid waste management and promoting the sustainable use of ocean resources.

“By securing our marine resources, we are protecting the livelihoods of millions of coastal residents and strengthening our defenses against climate change. Cleaner oceans mean a healthier, more productive blue economy,” Finance Secretary Frederick Go said.

The blue economy refers to the sustainable use of ocean resources for economic growth, livelihoods, and environmental protection. It includes sectors such as fishing, shipping, marine biotechnology, and renewable energy.

The latest loan adds to the funding secured by the DOF for MEBED. In March, the agency also secured 200 million euros from Germany’s KfW Development Bank. MEBED will also be co-financed by the Asian Development Bank, which approved a $500-million policy-based loan for the program in December last year. INQ