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ADB plans to lend $3.5 billion to Philippines this year Louise Maureen Simeon © AFP/File ADB plans to lend $3.5 billion to Philippines this year
MANILA, Philippines Manila-based Asian Development Bank (ADB) is planning to lend $3.5 billion or about P168.65 billion to the Philippines this year to help the country recover from the pandemic-induced recession.
During the Laging Handa briefing yesterday, ADB country director Kelly Bird said the multilateral lender remains committed in financially supporting the Philippines.
“This year, we have a robust lending program with the government. We’re looking at around $3 billion, some of which is to support infrastructure projects,” Bird said, adding that “the amount can be a good stimulus for economic recovery and also provide some of our policy-based lending which is budget support as well. ”