Energy Development Corp. (the privatized PNOC-EDC) acquired a P4.1-billion loan from the World Bank’s International Finance Corp (IFC). EDC president and chief executive officer Paul Aquino said that the loan would be used to fund their renewable energy projects in the country. More specifically in the geothermal sector.
According to the terms of the deal, it will be a 15-year tenor with three year’s grace period. The loan was signed yesterday by EDC’s Aquino and IFC country head Jesse Ang.
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