ADB loans $6 billion in 98

ADB loans $6 billion in 98

MANILA (AP): The Asian Development Bank approved a total of 66 loans worth US$6 billion in 1998, with most of the money going to the financial sector, the Manila-based bank said Friday.

The ADB's total lending last year was 36 percent lower than 1997's $9.4 billion, which included a $4 billion financial sector loan for South Korea.

Total lending by the development bank since it started operations in 1966 reached $77.3 billion.

The financial sector received 28 percent of the ADB's 1998 loans, or $1.7 billion. Transport and communication received $1.5 billion, or 25 percent. The remainder was shared by social infrastructure, agriculture, and other sectors.

Indonesia received the largest ADB loan package of $1.8 billion, followed by China at $1.2 billion and the Philippines at $855.4 million.