ADB approves $7.8-billion lending pipeline for Philippines

September 21, 2018 - 9:46 AM
construction workers_reuters
(Reuters file photo of construction workers.)

MANILA-The Asian Development Bank (ADB) said on Thursday it would provide the Philippines an estimated $7.8 billion loan between this year and 2021, to help it attain sustained high and inclusive economic growth.

The loan is the highest for any four-year period from the Manila-based bank and available under a new six-year “country partnership strategy” that the bank’s board has approved, it said in a statement.

Under the new strategy, the ADB said its programs and projects in the Philippines would focus on accelerating infrastructure and long-term investments, and promoting local economic development in the country’s central and southern regions.

The bank said it would “rebalance” its financing assistance to support the Philippine government’s $180 billion “Build, Build, Build” infrastructure development program.

The Philippines is expanding and upgrading its roads, railways, airports and seaports to catch up with its Southeast Asian neighbors in infrastructure competitiveness.

-Reporting by Enrico dela Cruz; Editing by Sunil Nair