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ADB puts on pipeline $4.2 billion for Philippine projects
MANILA, Philippines — The Asian Development Bank (ADB) has laid down a pipeline of 11 projects worth $4.2 billion for this year which include projects crucial to pandemic response.
ADB said this will be a record lending for the Philippines, coming from $2.5 billion total lending last year, and precedes an indicative lending program of $4.1 billion for next year.
“This will be the largest ever for the Philippines. Last year was a record $2.5 billion. And then we will go back to $3 billion levels in subsequent years with focus on infrastructure,” said ADB Country Director Kelly Bird during a briefing yesterday.
Six projects have already been approved for financing under this pipeline between April and June.
These include the following: COVID-10 Active Response and Expenditure Support Program; Social Protection Support Project, Second Additional Financing; Support to Capital Market Generated Infrastructure Financing, Subprogram 1; Expanded Social Assistance Project, Additional Financing; Angat Water Transmission Improvement Project, Additional Financing; and Local Government Reform Project.
Five other projects intended to contribute to building resilience in the economy, particularly in the health sector, are slated for approval between August and November.
These are: Competitive and Inclusive Agriculture Development Program, Subprogram 1; Inclusive Finance Development Program, Subprogram 2; Health Systems
Enhancement to Address and Limit COVID-19; Disaster Resilience Improvement Program; and EDSA Greenways Project.
Oscar Badiola, senior programs officer for ADB’s Philippine Country Office, said in the Country Operations Business Plan for 2020-2022, there will be a rebalanced lending program to infrastructure which will corner 70 percent of investments.
Special focus will be given to projects in Visayas and Mindanao.
“Conscious efforts are also made to ensure that these projects promote sustainable development,” he said.
Projects to be financed under the country business plan will also have components for mitigating climate change and gender mainstreaming.
Source: https://www.philstar.com/business/2020/07/24/2030115/adb-puts-pipeline-42-billion-philippine-projects