Property firm secures $20 million loan from ADB

MANILA, Philippines — The Asian Development Bank (ADB) is providing $20 million worth of loan to real estate investment firm Lhoopa Inc. to deliver affordable houses in the country.

Documents from the multilateral lender showed it approved a loan amounting to $20 million from its ordinary capital resources for Lhoopa on Oct. 24.

The loan will be used to support Lhoopa as it acquires, renovates, builds and sells affordable properties in the country.

Lhoopa is aiming to deliver 4,000 affordable houses annually in the country by 2025 from around 1,000 units last year.

By 2028, the firm’s goal is to further increase the number of delivered housing units to 8,000.

The ADB said Lhoopa’s housing project was in line with the multilateral lender’s country and regional strategy.

In particular, the project is consistent with ADB’s Strategy 2030 and supports four key operational priorities such as addressing poverty and reducing inequalities; making cities more livable and inclusive; accelerating progress in gender equality; and tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability.

“The project is also consistent with the Country Partnership Strategy (CPS) for the Philippines 2018 to 2023,” the ADB said.

The multilateral lender’s CPS for the Philippines aims to support investments that promote high and inclusive growth.

Lhoopa’s project also supports one of the three strategic pillars under the CPS, which is investing in people.

“This project is aligned with ADB’s Urban Sector Strategy in supporting two of the four goals: improving quality of life and reducing urban poverty, as well as one of the Project Design Principles of supporting private sector investment,” the ADB said.