Korea Offers $500 Million Soft Loans for Philippine Clean-Up

      November 27, 2013 11:31

      Korea will give the Philippines US$500 million in soft loans over the next four years to help with rebuilding in the aftermath of super typhoon Haiyan.

      The Ministry of Strategy and Finance on Tuesday said officials from both countries met in Manila on Monday to discuss the provision of $500 million from the Economic Development Cooperation Fund, which was created in 1987 to promote economic cooperation with other developing countries.

      Money from the fund is given in the form of loans at low or no interest.

      The government has already decided to donate $20 million to the Philippines over the next three years, on top of $5 million in immediate aid.

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