Philippines, ADB sign $623-M worth of loan agreements
MANILA, Philippines — The Philippine government and the Asian Development Bank signed Friday a $200 million loan agreement to help the Southeast Asian country implement its big-ticket infrastructure project.
In a statement, the Manila-based multilateral lender said the additional financing will support the preparation of several projects, including the detailed engineering design of the Bataan–Cavite Interlink Bridge Project and the Metro Rail Transit Line 4 connecting Ortigas in Metro Manila to Taytay in eastern Rizal province.
The loan will also provide project implementation and preparation support for staff at the Department of Transportation and the Department of Public Works and Highways.
“Usually, major infrastructure projects take at least 5 years to prepare. But the government’s [Build, Build, Build] program has significantly shortened this preparation period, and the [Infrastructure Preparation and Innovation Facility] support is helping with this,” ADB Country Director for the Philippines Kelly Bird said.
“From a historical perspective, the government’s rollout of its BBB program has been incredibly successful, with public spending on infrastructure at an all-time high,” Bird added.
Aside from the additional funds for infrastructure projects, the ADB and Philippines also sealed two more loan packages: the $400 million Facilitating Youth School-to-Work Transition Program, Subprogram 2; and $23.3 million Capacity Building to Foster Competition Project.
The three loan agreements—worth a total of $623.3 million—are part of the $10.3 billion in financing support that the ADB has committed to provide the Philippines over the medium term. — Ian Nicolas Cigaral
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