MANILA - The European Union approved a new grant worth 24.5-million Euros (P1.4 billion) to support peace in the Bangsamoro autonomous region and boost the recovery in Marawi City in Mindanao, the Finance Department said Monday.
Part of the financing agreement will be "exclusively" dedicated to the recovery and rehabilitation of areas torn by the Marawi siege in 2017, while some will be allocated for the BARMM's fight against the COVID-19 pandemic, the Department of Finance said in a statement.
“This third grant from the EU this year underpins this major economic bloc's unwavering commitment to the attainment of genuine and lasting peace and development in the Southern Philippines along with the speedy recovery of conflict-devastated Marawi City,” Secretary Dominguez said.
Last month, the EU extended 2 grants amounting to 60.5 million Euros to the Philippines.
The latest financial assistance brought the total amount provided by the European Union to 85 million Euros this year, for the peace and development in Mindanao, the DOF said.