The Philippines is entering the final phase of negotiations for a USD1 billion renewable energy loan from the Asian Development Bank and will receive an additional USD250 million from the Clean Trust Fund, an official of the regional financial institution said.
“We’re in the design and negotiation [phase] with the government now. The [USD1 billion] loan will be approved in the middle of next year, the implementation should be four years,” Samuel Tumiwa, ADB’s principal planning and coordination specialist, said according to GMA News.
The loan will be spent primarily on wind, solar and biomass power projects, the news agency says.
Meanwhile, the bulk of the USD250 million from the Clean Trust Fund will be used to scale up the use of solar energy across the country, Tumiwa shared.