Manila to get ADB loan

Manila to get ADB loan

MANILA (AFP): The Asian Development Bank (ADB) said here yesterday that it had approved three loans totaling US$60 million for various projects in the Philippines.

A $30-million loan will support a project to improve public health standards and the urban environment in seven Philippine cities including the resort city of Puerto Princesa in Palawan and the growing cities of Iligan and General Santos in the southern island of Mindanao.

The total cost of this project is estimated at $64.2 million. the Australian Agency for International Development will provide an $11.5-million grant to support the project with the rest coming from the national and local governments, the Manila-based ADB said.

Two loans, each amounting to $15 million were also approved to support a project to reduce rural poverty through increased food production, an improved road network and an improved and expanded irrigation system, the ADB added.

A $100,000 technical assistance grant was also approved for an environmental evaluation of swamplands, the ADB said.