Ex-Im Bank to provide $1 billion for Philippines energy

Officials of the Department of Energy of the Republic of the Philippines and the Export-Import Bank of the United States have signed a memorandum of understanding (MOU) under which the Ex-Im Bank will facilitate U.S.-based support amounting to $1 billion for the development of renewable energy and liquefied natural gas (LNG) projects in the Philippines. A particular goal of the financing is to upgrade and expand the nation’s energy production capacity in the wake of Typhoon Yolanda, which devastated the Philippines archipelago in November 2013. “Since 1993, Ex-Im Bank has provided $1.3 billion in energy-sector finance to the Philippines, but we aim to outdo ourselves and target another billion with this memorandum of understanding,” said Patricia Loui, an Ex-Im Bank director, upon signing the MOU in Manila on March 19. “Our expertise can contribute both to the renovation of current energy-production facilities and the construction of new ones.”