ADB approves $100M loan for infra project planning
Doing feasibility studies and project plans will now be easier for the Duterte administration.
The Asian Development Bank (ADB) has approved a $100-million loan to the Philippines under what is called an Infrastructure Preparation and Innovation Facility, which would allow the Philippines to improve project preparation for the Build, Build, Build program.
The Department of Transportation and the Department of Public Works and Highways will get the first crack at the loan facility, which is expected to lead to “high-quality” project blueprints and eventually, the actual infrastructure.
” In all, it is estimated to spur $3.8 billion in public infrastructure investments in national roads, railways, bridges, flood control, ports, and airports, which in turn will add as much as $10 billion to the country’s gross domestic product (GDP) between 2019 and 2024,” the ADB said in a statement.
It’s a huge potential which the multilateral lender wants to unlock.