ADB announces $100m loan for Philippine infrastructure project

30 Oct 17

The Asian Development Bank has announced a $100m loan in support of the Philippine government’s infrastructure project. 

The loan will assist the government in its delivery of quality public infrastructure projects, which have been estimated to cost $3.8bn. 

The projects include investment in national roads, bridges, flood control, ports and airports.

These developments are expected to add as much as $10bn to the Philippines gross domestic product between 2019 and 2024. 

Under the country’s “Build, Build, Build” programme, the project uses international best practices to improve infrastructure.

It aims is to increase public investment and infrastructure delivery and is part of president Rodrigo Duterte’s 10-point socioeconomic agenda. 

“The flagship infrastructure projects under the “Build, Build, Build” program will spur economic growth and improve people’s living standards,” said Richard Bolt, ADB country director for the Philippines. 

“Better infrastructure will lower the cost of doing business, shorten travel times, and usher in more economic opportunities in remote areas.

“It will also make it easier for people to access education, healthcare, and other social services.”

Public spending on infrastructure in the Philippines is expected to reach 7.4% of GDP by 2022, up from 5.3% this year.

The ADB loan, along with a recently approved $5m technical assistance grant to the country, will serve as a catalyst for the government’s project management and monitoring system.

The total cost of the project is $164.06m, with $64.06m contributed by the government. The project is expected to be completed in 2021.  

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