The South Korean government is pushing forward with its largest-ever Economic Development Cooperation Fund(EDCF) project in the Philippines with a pledge to provide two billion U.S. dollars in financial assistance for major infrastructure projects.

The finance ministry announced Monday that finance minister Choi Sang-mok and his Filipino counterpart Ralph Recto signed a memorandum of understanding(MOU) on the Laguna Lakeshore Road Network Project and a bridge project connecting the Philippine islands of Panay, Guimaras and Negros.

More than one billion U.S. dollars will be allocated to the bridge construction project, while another 905 million dollars will be provided for the construction of the first section of the Laguna Lakeshore Road Network.

The MOU was signed on the occasion of President Yoon Suk Yeol's visit to the Southeast Asian nation this week.

The EDCF is a program to provide low-rate loans to developing countries to develop their economies and infrastructures.