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MANILA - The Asian Development Bank has pledged $1.87 billion to the Aquino administration for the next three years, according to the National Economic and Development Authority.
Under its Country Operations Business Plan 2013 to 2015, the Manila-based lender will break down the assistance as follows:
- $600 million for 2013;
- $700 million for 2014; and
- $570 million for 2015.
The lending program covers projects in the following areas:
- Public sector management, $750-million;
- Multi-sector, including disaster risk financing and social protection projects, $470 million;
- Education, $300 million; and
- Transportation, $200 million.
“We are glad the ADB lending program responds to our needs and priorities as laid out in our Philippine Development Plan for 2011 to 2016,” Rolando Tungpalan, NEDA deputy director-general said.
The program also involves a $325-million co-financing facility from the Association of Southeast Asian Nations Infrastructure Fund that was launched during the ADB’s 45th Annual Governors’ Meeting in Manila. The fund will support projects on water supply, transportation, and road improvements for three years.
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