ADB allots over $3.8b loan to fund Philippines infrastructure

XINHUA, MANILA: The Asian Development Bank (ADB) has allotted 3.8 billion US dollars in loans and another 21.8 million US dollars in the form of non-lending programs that the Philippines can tap to fund its accelerated spending programs on infrastructure and social services, the Philippine Department of Finance (DOF) said yesterday.

A report by the DOF’s International Finance Group (IFG) said the proposed lending pipeline under the ADB’s Country Operations Business Plan (COBP) for the Philippines will focus on three priority areas, of which 1.8 billion US dollars or 47.4 per cent of the proposed funds will go to infrastructure development, about 1.5 billion US dollars or 39.5 per cent for education and skills development, access to finance, expanded social protection and employment opportunities for the youth, and 500 million US dollars or 13.1 per cent for programs on good governance and finance.

The COBP will cover the period from 2018 to 2020, a DOF statement said.

“The program loans under the proposed lending pipeline make up 39 per cent of the COBP while project loans account for 61 per cent,” the statement read.

ADB allots over $3.8b loan to fund Philippines infrastructure

XINHUA, MANILA: The Asian Development Bank (ADB) has allotted 3.8 billion US dollars in loans and another 21.8 million US dollars in the form of non-lending programs that the Philippines can tap to fund its accelerated spending programs on infrastructure and social services, the Philippine Department of Finance (DOF) said yesterday. A report by the DOFs International Finance Group (IFG) said the proposed lending pipeline under the ADBs Country Operations Business Plan (COBP) for the Philippines will focus on three priority areas, of which 1.8 billion US dollars or 47.4 per cent of the proposed funds will go to infrastructure development, about 1.5 billion US dollars or 39.5 per cent for education and skills development, access to finance, expanded social protection and employment opportunities for the youth, and 500 million US dollars or 13.1 per cent for programs on good governance and finance. The COBP will cover the period from 2018 to 2020, a DOF statement said. The program loans under the proposed lending pipeline make up 39 per cent of the COBP while project loans account for 61 per cent, the statement read.