SEOUL: The South Korean Finance Ministry said it is holding talks with Manila on providing the Philippines a 500 million U.S. dollar loan for typhoon relief, (KBS) World News reported.
The ministry said it met with the Philippines' National Economic and Development Authority (NEDA) in Manila on Monday, and discussed providing aid to typhoon ravaged regions using Korea's Economic Development Cooperation Fund.
The Philippines asked for Seoul's support in restoration efforts and establishing a mid-to-long-term disaster prevention system.
Korea accepted the request and the two sides agreed to jointly establish a disaster prevention system for typhoon affected areas.
The two sides also decided the 500 million dollar loan would be provided over the next four years from 2014.
The money will be used for rural development and to build roads, airports and other infrastructure in the Philippines. (QNA)
