ADB lends $222.35m to RP

ADB lends $222.35m to RP

MANILA (AFP): The Asian Development Bank said it had approved three loans totaling US$222.347 million for transport, water and power projects in the Philippines.

It would also provide two technical assistance grants worth $1.4 million, the Manila-based bank said in a statement.

The bank said it was co-financing a five-year, $652.8 million road and bridge rehabilitation project across the archipelago with a $167 million loan and an $825,000 technical assistance grant.

The project is co-financed by the Export-Import Bank of Japan, the Organization of Petroleum Exporting Countries, the Kuwait Fund for Arab Economic Development and the Overseas Development Administration of Britain.

The development bank would also provide a separate $50 million loan to rehabilitate water supplies and a $5.35 million technical assistance loan and a $575,000 technical assistance grant for a project to connect the power grids of the islands of Mindanao and Leyte.