South Korean President Lee Jae-myung has ordered an immediate halt to a 700 billion Korean won loan support from his government to a Philippine bridges project over corruption concerns.
00:00South Korean President Lee Jae-myung has ordered an immediate halt to a $700 billion Korean won loan support from his government to a Philippine Bridges project over corruption concerns.
00:14In a Facebook post on September 9th, President Lee said that they have ordered the immediate suspension of procedures regarding the project that was deemed a faulty undertaking with potential for corruption.
00:26Lee also posted a link to an investigative report by Hangare 21 stating the project in question was the proposed building of modular bridges in 350 locations in the Philippines, of which the Philippine government asked the South Korean government for loans.
00:43Based on the report, the Philippine government submitted an application to the Korean government in November 2023 to request an Economic Development Cooperation Fund loan of $510 million or about $710 billion won for the modular bridges project.
01:01Lee said that it is fortunate that the project had not yet begun and therefore no funds including those from the EDCF had been spent.
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