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.