ADB renews PH ties with new 6-year strategy
Funding will keep coming for the Philippines.
The Asian Development Bank (ADB) forged a new agreement with the Philippines for another six years, paying homage to the country which has served as its headquarters for 50 years now.
The ADB Board of Directors approved a new six-year country partnership strategy, affirming long-term support to the Philippine government.
“Under the new strategy, ADB?s programs and projects in the Philippines will focus on three priority areas: accelerating infrastructure and long-term investments, promoting local economic development in Mindanao and Visayas, and investing in people,” the regional lender said in a statement.
Manila will get $7.8 billion from 2018 to 2021, with nearly half to be poured into transport projects. Funding will zoom in on the Malolos-Clark Railway, North-South Commuter Rail, Metro Manila Bridges, Bataan-Cavite Long-Span Bridge, and EDSA Greenways project, ADB said.