Spain wants to invest in RP’s rail system, wind power venture
The Spanish government is interested in financing projects that would improve the railway system and enhance the wind and solar power system in the Philippines. Philippine Ambassador to Spain Joseph D. Bernardo said Sunday that Spain at present is already providing financial assistance in the form of soft loans for projects related to the shipping and power industry. He said this include some €30 million (Euros) package for the construction of 96 steel bridges, €150 million for construction of 70 modular roll on-roll off ports throughout the country, the € 26 million for the improvement of solar energy production in Visayas in Mindanao, the €22 million loan facility to the Aboitiz Group and the Spanish company Socoin for a power project in Davao. “At present, the Spanish government is also interested in financing projects through soft loans in the following areas: renewable energy particularly wind and solar power and transport especially train and LRT (Light Rail Transit)," he added. He expects these additional soft loans to be brought up during the four-day state visit of President Gloria Macapagal Arroyo in Spain, her second visit to the country since becoming president in 2001 and the first state visit by a Philippine president since 1962. She first visited Madrid in June 2006. - GMANews.TV