The Asian Development Bank is set to allocate USD1 billion to projects on energy efficiency and renewable energy in the Philippines, a bank official said June 23.
Sohail Hasnie, ADB’s principal energy specialist for Southeast Asia, said the funds could go to wind, solar and wave energy and hydropower projects within a five-year period.
“We have worked with [the] government and agencies and we are looking at financing up to USD1 billion with our co-financing partners for the Philippines on its energy efficiency and renewable energy programmes,” Hasnie said to Reuters.
The announcement comes as Sen. Benigno Aquino III assumes the country’s presidency from Gloria Macapagal Arroyo on June 30. Arroyo steps down after nine years in office.
“We are waiting for the new government/administration for us to engage and align our priorities with their priorities,” Hasnie added, as quoted by Reuters.
As reported by Devex, the Manila-based lender also plans to finance USD1.06 billion worth of programs and projects in the Philippines in 2010, according to the country’s National Economic and Development Authority. These come in the form of four project loans amounting to USD410 million for projects on natural resources and environmental management, road improvement, irrigation, and renewable energy and climate change. The rest is for two program loans 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.