Thursday 22 March
Powered by Ajaxy
Dec 15, 2017 @ 18:43

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.

Tags: , , , , , , , , , , ,

Related Stories
Megaworld's first vice president Kevin Tan couldn't mask how proud he was with the opening
Smart Communications Inc. continued to deliver the fastest download speed across the country, according to
The Civil Aviation Authority of the Philippines (CAAP) has asked Air Juan to expand its
A measure seeking the creation of a Philippine National Railway System that would be responsible


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.