ADB aids Philippines 100 mln USD for infrastructure development
The Asian Development Bank (ADB)’s Board of Directors has approved a loan worth 100 million USD for the Philippines to implement high-quality public infrastructure projects.
Hanoi (VNA) - The AsianDevelopment Bank (ADB)’s Board of Directors has approved a loan worth 100million USD for the Philippines to implement high-quality public infrastructureprojects.
According to a press release from the ADB,the loan is earmarked for the Infrastructure Preparation and InnovationFacility, which will support thePhilippine government in accelerating the delivery of high quality publicinfrastructure projects under its “Build, Build, Build” programme.
The facility will assist the localDepartment of Transportation and Department of Public Works and Highways in applyinginternational best practices. In all, it is estimated to spur 3.8 billion USDin public infrastructure investments in the country’s roads, railways, bridges,flood control, ports, and airports.
ADB Country Director for the PhilippinesRichard Bolt said these projects will stimulate economic growth and improvepeople’s living standards.
He stressed better infrastructure will cutbusiness costs, travel times, and open up more economic opportunities in remoteareas, while helping people access education, healthcare, and other socialservices.
The Build, Build, Build programme, the centerpieceof President Rodrigo Duterte’s 10-point Socioeconomic Agenda, aims to increasepublic investment and accelerate infrastructure delivery. Public spending oninfrastructure is expected to reach 7.4 percent of the Philippines’ GDP by2022, up from 5.3 percent in 2017 and less than 3 percent from 2010 – 2016.-VNA
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Illustrative photo (Source: adb.org) 
