Filipino Firms Gain Access To Swedish Funding Opportunities

Finance Secretary Ralph G. Recto expressed optimism that the Philippines will benefit from new opportunities for impactful investments through a recently signed financial and development cooperation agreement with Sweden.

Finance Secretary Ralph Recto hosted a courtesy meeting with Ambassador of Sweden to the Philippines Harald Fries to discuss key areas for deepening strategic partnership between the two countries. I Photo: Department of Finance X

“I am proud to take our collaboration to the next level. This agreement enhances the economic security of Filipinos by increasing access to Swedish financing for our development initiatives,” Recto said at the ceremonial signing of the Memorandum of Understanding (MOU).

The MOU, signed by Secretary Recto and Sweden’s Minister for Infrastructure and Housing Andreas Carlson, aims to bolster financial and development cooperation.

“In these uncertain times, it is the conviction of the Swedish government to foster strong partnerships for growth, prosperity, and security with trusted allies like the Philippines,” Carlson remarked.

The agreement enables the Philippine government to access grants, technical assistance, concessional official development assistance and blended financing from Sweden.

Key sectors covered include sustainable infrastructure, public transportation, renewable energy, and water and waste management.

Pipeline projects include the EDSA Busway Project, Iloilo Bus Rapid Transit, Subic-Clark-Manila-Batangas Railway Project, National Bus Standardization, Hydropower Potential Resource Assessment, and Hybridizing Diesel Power Plants of the National Power Corporation.

“These projects will help transition the Philippines into a greener, healthier, and more sustainable future,” Recto said.

The MOU also provides access to expertise and innovative solutions through entities like Swedfund International AB and the Swedish Export Credit Corporation.

This cooperation aligns with ongoing Swedish efforts in cancer care, defense, and digitalization in the Philippines.

The Finance Secretary highlighted the presence of major Swedish companies, including IKEA, as a testament to Sweden’s confidence in the Philippines. “With this broad range of development areas, Sweden is one of the Philippines’ strongest poverty-fighting allies,” he concluded.