ADB to Give More than USD1B to Philippines in 2010

The Asian Development Bank plans to finance USD1.06 billion worth of programs and projects in the Philippines, the country’s National Economic and Development Authority said, according to the Business Mirror. This assistance is already in the pipeline and is expected to be approved this year, NEDA Public Investment Staff Director Jonathan Uy explained.

The assistance will come in the form of four project loans and two program loans. The four project loans amount to USD410 million and cover financing for projects on natural resources and environmental management, road improvement, irrigation, and renewable energy and climate change, Business Mirror says. Meanwhile, the two program loans are for the Philippines’ conditional cash transfer program, which is expected to cost between USD400 million and USD500 million, and a financial market improvement program that costs USD250 million.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.