Hanoi,  (VNA) – The Asian Development Bank (ADB) said on May 26 that it has approved a 400 million USD loan to support the Philippine government's efforts to strengthen domestic capital markets and reach its development goals of high, sustained economic growth and poverty reduction.

The lender said the Support to Capital Market-Generated Infrastructure Financing Programme, Subprogramme 1, aims to address key constraints that have limited the growth of domestic capital markets, especially government and corporate bond markets.

The programme also focuses on building a vibrant domestic institutional investor base.

According to the ADB, the development programme will support higher public infrastructure spending for years to come.

This new loan brings ADB's total lending to the Philippines to 2.1 billion USD so far this year, the bank added./.