Tuesday, October 18, 2005
RP secures P1 billion loan from Saudi
SULTAN NAGA DIMAPORO, Lanao del Norte -- The Filipino delegation led by Foreign Affairs Secretary Alberto Romulo and Representative Abdullah "Bobby" Dimaporo, 2nd district, Lanao del Norte, to the Kingdom of Saudi Arabia recently was able to get $20-million (P1.12 billion) loan to finance three major road projects in Mindanao.
Dimaporo said that Romulo and official of the Kingdom of Saudi Arabia signed the loan agreement during a bilateral meeting in Riyadh.
The agreement covered the Lanao Lake Circumferential Road, the Basilan Circumferential Road, and the Cotabato Diversion Road.
The Mindanao solon said the funds would be drawn from the Saudi government's $100-million pledge to the country under the Saudi Fund for Development.
During the 2nd Joint Commission Meeting between the Philippine and Saudi governments held from October 1-2, the Filipino delegation proposed three more Mindanao projects for Saudi funding under new loan agreements tapping the SFD.
Dimaporo said these were the Mindanao Railway System, a socialized credit program, and a socialized housing program catering to the region's poor residents particularly in his province in Lanao del Norte, adding its feasibility studies are going on at the National Economic and Development Authority.
(October 18, 2005 issue)
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