ADB lends $380M to develop Mindanao roads
This global lender wants Mindanao to reap the fruits of a countrywide infrastructure push.
The Asian Development Bank (ADB) has approved a $380-million loan to the Philippines to fund the repair of 280-kilometer stretch of national roads and bridges in the Mindanao region.
In a statement, the ADB said the Improving Growth Corridors in Mindanao Road Sector Project will benefit about 20 million Filipinos in the area.
The grant will also help in designing 300 km of national highways in the region through the Department of Public Works and Highways.
The Philippine government will match the ADB’s offering with a $123-million contribution.
?Improving roads in Mindanao will support the development of economic opportunities in areas such as agribusiness, ecotourism, and logistics, and improve access to markets, jobs, education, and health facilities,? said Jeffrey Miller, Principal Transport Specialist at ADB?s Southeast Asia Department.
The program is expected to improve road conditions in Southern Philippines, with only 70% of Mindanao roads paved against an 89% rate in the Visayas.