MANILA, PHILIPPINES - (August 8, 2003) Earlier today, the U.S. Trade and Development Agency (USTDA) awarded a $446,909 grant to the Manila-based Rural Electrification Financing Corporation (REFC) for technical assistance supporting the development of a rural electric cooperative financing facility in the Philippines. Mr. David Fulton, Commercial Counselor of the U.S. Embassy in Manila, signed the grant agreement on behalf of USTDA. Mr. Fred Billena, REFC President, signed on behalf of the Corporation.

The USTDA-funded technical assistance will support financial and technical needs assessments and loan document preparation for 40 rural electric power cooperatives located in Mindanao, the Visayas and Luzon. This analysis will help provide the justification for several financial institutions to participate in REFC's full capitalization and subsequent viability as a cooperative lending institution. Ultimately, this technical assistance will help Philippine electric cooperatives to improve their physical infrastructure, as well as the quality and reliability of the power supplied to their consumers. NRECA International, Inc. of Arlington, Virginia, will conduct the technical assistance and provide in-kind contributions towards the project's completion. NRECA International is a subsidiary of the National Rural Electric Cooperative Association.

The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment. USTDA's strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.

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