Illustrative photo (Source: adb.org) Hanoi (VNA) - 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.
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.-VNA
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