The Asian Development Bank (ADB)’s Board of Directors has approved a loan worth 100 million USD for the Philippines to implement high-quality public infrastructure projects.
Illustrative photo (Source: adb.org)
According to a press
release from the ADB, the loan is earmarked for the Infrastructure Preparation
and Innovation Facility, which will support the Philippine government in
accelerating the delivery of high quality public infrastructure projects under
its "Build, Build, Build” programme.
The facility will assist the local Department of Transportation and Department
of Public Works and Highways in applying international best practices. In all,
it is estimated to spur 3.8 billion USD in public infrastructure investments in
the country’s roads, railways, bridges, flood control, ports, and airports.
ADB Country Director for the Philippines Richard Bolt said these projects will
stimulate economic growth and improve people’s living standards.
He stressed better infrastructure will cut business costs, travel times, and
open up more economic opportunities in remote areas, while helping people
access education, healthcare, and other social services.
The Build, Build, Build programme, the centerpiece of President Rodrigo
Duterte’s 10-point Socioeconomic Agenda, aims to increase public investment and
accelerate infrastructure delivery. Public spending on infrastructure is
expected to reach 7.4 percent of the Philippines’ GDP by 2022, up from 5.3
percent in 2017 and less than 3 percent from 2010 – 2016.-
Source: VNA
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