Je suis heureux de pouvoir assister á cette cérémonie de signature de l’accord passé entre les Philippines et la Banque Européenne d’Investissement.

I am happy to be able to attend this signing ceremony of the Philippine-European Investment Bank (EIB) framework agreement.

As I understand it, Secretary Romulo — during the time he was ambassador to the European community — was one of those who suggested extending the bank’s lending facility to Asia and Latin America — a suggestion the bank subsequently adopted as a policy.

I am glad that the bank — in making the Philippines one of the first beneficiaries of this policy — has become a partner in our country’s efforts to accelerate its drive to development.

I note with particular interest that the bank’s lending criteria emphasize projects that transfer technology from Europe; those fostering closer relations between Europe and beneficiary-countries (like projects on telecommunications and transport); projects incorporating environmental improvements (like those involving renewable energy and control of pollution); and investments fostering regional integration.

All of these criteria match the Philippines’ own development framework.

Etant donné que nous considérons comme crucial les facilités á la banque pour intensifier le développement de notre pays vers une complete modernisation, je serais trés heureux de voir cette facilité prolongée aprés son expiration en Février 1996 et son intervention augmentée.

Finalement, j’espére que la signature de cet accord facilitera la prise en compte et l’approbation des requêtes les plus prioritaire de mon pays — notamment, le projet de modernisation de l’aéroport de Davao et le projet d’expansion de la Davao Union Cement.

Since we regard the bank’s facility as crucial to speeding up our country’s drive to full modernization, I would be most pleased to see this facility extended after it expires in February 1996, and its amount increased.

Finally, I hope today’s signing of the framework agreement facilitates the processing and approval of urgent, high-priority applications from my country — notably the Davao Airport Modernization Project and the la Davao Union Cement Expansion Project.

Thank you.