Ex-Im Bank Signs $1 Billion MOU with Philippine Department of Energy
March 21, 2014
(Ex-Im Bank)
Washington, DC – Patricia Loui, board of director for the Export-Import Bank of
the United States (Ex-Im Bank), and Raul B. Aguilos, undersecretary for the
Department of Energy (DOE) of the Republic of the Philippines, signed a $1
billion memorandum of understanding (MOU) at a ceremony in Manila Wednesday.
"The agreement will channel much needed support to the Philippines from the
American private sector and thereby boost jobs here at home," said Export-Import
Bank Chairman and President Fred P. Hochberg. "The arrangement is a win-win for
both our nations and evidences our deep ties and cooperation on numerous
economic fronts."
According to the MOU, Ex-Im Bank and the DOE will exchange information with an
eye to matching development needs in the Philippines with innovative goods and
services offered by American exporters.
More specifically, the MOU targets renewable-energy and LNG projects in the
hopes of upgrading and expanding the Philippine energy supply in the wake of
Typhoon Yolanda.
"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 Director Loui. "Our expertise can
contribute both to the renovation of current energy-production facilities and
the construction of new ones."
In 1994, Ex-Im Bank financed the first project-finance transactions in the
Philippines for geothermal energy: Cebu Geothermal for $170 million, and
Mahanagdong Geothermal project for $211 million.
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