^

Business

Philippines secures $200 million loan for climate-resilient infrastructure

Louella Desiderio - The Philippine Star
Philippines secures $200 million loan for climate-resilient infrastructure
In a statement yesterday, the multilateral lender said the approved loan is the second additional financing for the Infrastructure Preparation and Innovation Facility (IPIF) to support the preparation of climate-resilient road, bridge, transport and flood risk management projects identified by the government as flagship projects.
BW Photo

MANILA, Philippines — The Asian Development Bank (ADB) is providing a $200-million loan to the Philippines to support the preparation of climate-resilient infrastructure projects for funding and implementation.

In a statement yesterday, the multilateral lender said the approved loan is the second additional financing for the Infrastructure Preparation and Innovation Facility (IPIF) to support the preparation of climate-resilient road, bridge, transport and flood risk management projects identified by the government as flagship projects.

The ADB loan is expected to help accelerate the implementation of projects through feasibility studies and detailed engineering design, which will have climate-resilient features to support the country in its climate commitments and national adaptation priorities.

“The Philippines has raised its public infrastructure spending in recent years to steer the economy toward a sustainable, high-growth path,” ADB senior transport specialist Daisuke Mizusawa said.

“With this additional financing, we aim to help the government scale up the scope of its investments, further improve the readiness and quality of public infrastructure projects, and strengthen public investment management systems,” he said.

Through the loan, the ADB will help build the capacity of the Department of Transportation and Department of Public Works and Highways in implementing large and complex infrastructure projects.

The ADB said a $1.5-million technical assistance grant would support efforts to have stronger regulations and policies in place, as well as to enhance investment planning for low-carbon and climate-resilient infrastructure.

The technical assistance grant will also support the development of frameworks and methodologies to identify and mitigate climate risks in infrastructure projects.

Through its previous support for the IPIF, the multilateral lender was able to help prepare more than $40 billion worth of ongoing and planned infrastructure investments.

Since 2018, ADB’s support for infrastructure development in the Philippines has been growing and currently accounts for almost 60 percent of the multilateral lender’s total portfolio in the country.

The ADB has committed $8.4 billion worth of financing for transport projects, including the Malolos Clark Railway Project and the South Commuter Railway Project, which are part of the North–South Commuter Railway system linking Metro Manila to nearby northern and southern provinces.

These projects, along with other major bridge and public transport projects, are expected to reduce greenhouse gas emissions by 497,866 tons annually.

In addition, the ADB has supported the preparation of about $1.3 billion worth of projects aimed at minimizing flood risks and enabling climate change adaptation in major and principal river basins, including the Integrated Flood Resilience and Adaptation Project (Phase 1).

vuukle comment

INFRASTRUCTURE

Philstar
x
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with