Infra projects receive a financial boost

The Asian Development Bank will provide at least $ 7.1 billion in loans to the Philippines between 2019 and 2021, primarily to support the ambitious infrastructure program of the Duterte Administration.

In a statement, the multilateral lender of Manila declared a memorandum of understanding with the National Agency for Economic Planning and Development for the Indicative Sovereign Loans Program covering the next three years.

Two-thirds of the proposed loan program, $ 4.5 billion, will go to projects linking regions and communities. and manage urbanization, such as railways, bridges, roads and flood management as part of the "Build, Build, Build" program, said the ADB

. Market development, local government development and youth employment have been strengthened.
In general, "the ADB 2019-2021 country operations business plan will focus on the strategic priorities of accelerating infrastructure and long-term investments, in Promoting local economic development and investing in people to support the government's goal of lowering poverty to 14% of the population by 2022. The ADB said that it was determined to work closely with the Philippine government to ensure the delivery of these projects, said Kelly Bird, director of the AfDB office for the Philippines.

"I am very pleased with this program. The AfDB has been very cooperative and helpful in our objectives in supporting our economic growth and achieving inclusive development. This will help us move closer to our longer-term vision of a prosperous, middle-income country where no one is poor by 2040, "said the Secretary of Socio-Economic Planning. and Neda leader Ernesto M. Pernia "The ADB has been a very responsive partner. When we asked them to consider co-financing some of the major infrastructure projects under the "Build, Construct, Build" program, the ADB immediately took up the challenge, "said Maria Edita Z. Tan Deputy Secretary of Finance

. The Japan International Cooperation Agency plans to co-finance two major railway projects linking the Manila metropolitan area to Pampanga in the north and the Laguna region to the south

The P211.4 billion project of the Philippine National Railways and the NRN at 124.1 billion South Commuter or North-South Railway Project-South Line were preparing for a co-financing agreement between the ADB and Jica, announced the ADB Philippine office last month.

On the basis of the AfDB calendar, will be approved for next year, while that of the southern line was approved in 2020.

For the case of Jica, the High Representative Tetsuya Yamada has stated that the aid agency was considering "

Earlier documents indicated that the loan agreement for the North 2 NRP was to be signed in the fourth quarter.

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