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ADB approves 7.8 bln USD credit package for Philippines

ADB approves 7.8 bln USD credit package for Philippines’ economic growth

The Asian Development Bank (ADB)’s Board of Directors has approved a new six-year country partnership strategy with the Philippines, under which the bank will provide a credit package worth 7.8 billion USD to the Southeast Asian country until 2021 to support it in attaining sustained high and inclusive economic growth.
ADB approves 7.8 bln USD credit package for Philippines’ economic growth ảnh 1Illustrative Image (Source: Internet)

Hanoi(VNA) - TheAsian Development Bank (ADB)’s Board of Directors has approved a new six-yearcountry partnership strategy with the Philippines, under which the bank willprovide a credit package worth 7.8 billion USD to the Southeast Asian countryuntil 2021 to support it in attaining sustained high and inclusive economicgrowth.

According to the ADB, its programs and projects inthe Philippines will focus on three priority areas, including acceleratinginfrastructure and long-term investments, promoting local economic developmentin the central and southern Philippines, and investing in people.

The7.8 billion USD package, or nearly 2 billion USD annually from 2018 to 2021, isthe bank’s highest for a four-year period.

VicePresident Stephen Groff said that the partnership strategy aims to improve Filipinos’living standard, particularly the poorest half of the population, and allowthem to feel the benefits of a growing economy through better education, jobs,and income opportunities.

ADBwill rebalance its financing assistance to support the Philippine Government'smassive "Build, Build, Build" infrastructure development programme toaddress connectivity issues, allowing the country to catch up with its regionalpeers in infrastructure competitiveness and achieve its goal of reaching uppermiddle-income status by 2022, he added.-VNA
VNA
#Asian Development Bank (ADB)#Philippines#Filipinos’ living standard#Philippine Government#Vietnam#Vietnam news#Vietnam News Agency
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