ADB approves 600 mln USD loans for Philippines’ infrastructure project
The Asian Development Bank (ADB) has approved loans totaling 600 million USD to support the Philippine government’ efforts to tap more private participation for needed infrastructure investments.
A construction in the Philippines (Source:business.inquirer.net)
Hanoi (VNA) - The Asian Development Bank (ADB) has approved loans totaling 600 million USD to support the Philippine government’ efforts to tap more private participation for urgently needed infrastructure investment.
The first 300 million USD loan is earmarked to support expanded private participation in infrastructure investment through the promotion of public-private partnership (PPP) projects. The second loan, for the same amount, supports policy changes to deepen the nonbank financial sector to unlock more long-term private funding for infrastructure, said an ADB press release.
The second loan supports the development of long-term finance in the Philippines, where capital markets are comparatively small and illiquid, and provide limited intermediation to the private sector and to infrastructure finance.
PPPs are vital for infrastructure development and for a sustainable economy. While there has been significant progress on PPPs, further reforms are needed to increase private investment, said Juan Luis Gomez, Principal Public Management Specialist at ADB’s Southeast Asia Department.
These loans will help the government pursue policy reforms clearing obstacles to PPPs and increasing long-term private sector finance for them, he added.
The World Economic Forum's Global Competitiveness Report 2014-2015 showed that the Philippines ranked 95th out of 144 countries globally for infrastructure quality.
Remaining challenges include tapping capital markets, designing infrastructure master plans, and completing legal and regulatory frameworks.-VNA
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A construction in the Philippines (Source:business.inquirer.net)
