ADB commitments to PH reach $27B

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The Asian Development Bank (ADB) has committed 612 public sector loans, grants and technical assistance to the Philippines with a cumulative amount of $27.4 billion since 1966, a document released by the multilateral bank agency showed.

According to the ADB’s latest fact sheet on the Philippines posted on its website, cumulative loan and grant disbursements to the Philippines amounted to $22.01 billion.

These were financed by regular and concessional ordinary capital resources and other special funds.

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Meanwhile, ADB’s ongoing sovereign portfolio in the Philippines includes 28 loans worth $8.33 billion. The sovereign portfolio consists of loans, grants, equity investment and sovereign guarantee committed and not financially closed.

In 2021 alone, more than half of ADB’s $2.2 billion total loan commitments to the Philippines focused on boosting the country’s health care service delivery amid the COVID-19 pandemic.

“This included $650 million in loans for two projects focusing on health system enhancement (HEAL2) and its additional financing. These helped the government procure life-saving COVID-19 vaccines for its national vaccination program,” the ADB said.

“The COVID-19 vaccines purchased by the government using the HEAL2 loan comprised about half of the country’s total vaccine procurement in 2021. ADB also extended a $600 million policy-based loan to help the Philippines provide quality and equitable health services,” it added.

ADB said that its country partnership strategy for the Philippines for 2018—2023 supports infrastructure investment, local economic development and increased social support for the bottom 40 percent of the population.

“ADB will focus investments on projects that will connect communities through infrastructure, support the development of progressive cities to ensure high living standards, and ensure sustainability of local economic growth,” it said.

“The bank will also support projects that will increase the resilience of communities as the country recovers from the economic impact of COVID-19,” it added.

 

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