The U.S. Export-Import Bank and the Philippine government’s Department of Energy entered a memorandum of understanding Friday to exchange information related to matching development needs in the Philippines with goods and services offered by American exporters.
More specifically, the MOU targets renewable-energy and liquefied natural gas 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 Ex-Im Bank Director Patricia Loui in a statement. "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.