Asian Development Bank supports Philippines in accelerating flagship infrastructure projects

October 30, 2017

The Asian Development Bank’s (ADB) board of directors has approved a $100 million loan for the Infrastructure Preparation and Innovation Facility, which will support the Philippine government in accelerating the delivery of high quality public infrastructure projects under its ambitious “Build Build Build” program.

The facility is estimated to spur $3.8 billion in public infrastructure investments in national roads, railways, bridges, flood control, ports, and airports, which in turn will add as much as $10 billion to the country’s gross domestic product between 2019 and 2024, a statement from the ADB said on Monday

“The flagship infrastructure projects under the ‘Build, Build, Build’ program will spur economic growth and improve people’s living standards. Better infrastructure will lower the cost of doing business, shorten travel times, and usher in more economic opportunities in remote areas. It will also make it easier for people to access education, healthcare, and other social services,” said Richard Bolt, ADB Country Director for the Philippines.

“We look forward to working with the government to develop a timely, high-quality project preparation process for effective, innovative infrastructure projects in the Philippines,” he said. DMS