Illustrative Image (Source: Internet)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.
According to the ADB, its programs and projects in the Philippines will focus on three priority areas, including accelerating infrastructure and long-term investments, promoting local economic development in the central and southern Philippines, and investing in people.
The 7.8 billion USD package, or nearly 2 billion USD annually from 2018 to 2021, is the bank’s highest for a four-year period.
Vice President Stephen Groff said that the partnership strategy aims to improve Filipinos’ living standard, particularly the poorest half of the population, and allow them to feel the benefits of a growing economy through better education, jobs, and income opportunities.
ADB will rebalance its financing assistance to support the Philippine Government's massive "Build, Build, Build" infrastructure development programme to address connectivity issues, allowing the country to catch up with its regional peers in infrastructure competitiveness and achieve its goal of reaching upper middle-income status by 2022, he added./.