MANILA, Philippines — The Philippines was the biggest recipient of financial assistance from the Asian Development Bank (ADB) in 2023, securing around $8.4 billion.
The multilateral lender’s Annual Report for 2023 showed the Philippines received $4.51 billion worth of financial assistance from the ADB’s ordinary capital resources last year.
In addition, the Philippines received $3.86 billion worth of ADB co-financing with partners for projects and $7.2 million for technical assistance in 2023.
Of the loans received by the Philippines from the ADB last year, $1.01 billion was allocated for the Davao Public Transport Modernization Project, which is expected to serve as a pilot to modernize the country’s public road transport system.
The ADB also provided $650 million worth of loan for the Bataan-Cavite Interlink Bridge – Tranche 1.
Other projects in the Philippines that received loans from the ADB were the Competitive and Inclusive Agriculture Development Program-subprogram 2 ($500 million), Post-COVID-19 Business and Employment Recovery Program-subprogram 1 ($500 million), Build Universal Health Care Program-subprogram 2 ($463 million), Domestic Resource Mobilization Program-subprogram 1 ($400 million), Integrated Flood Resilience and Adaptation – phase 1 ($303.2 million), Inclusive Finance Development Program-subprogram 3 ($300 million) and Infrastructure Preparation and Innovation Facility ($200 million).
Other countries that were part of the biggest recipients of ADB financial assistance and co-financing with partners last year were Bangladesh ($6.58 billion), Indonesia ($5.35 billion) and India ($4.74 billion).
The ADB committed a total of $23.6 billion from its own resources last year to support Asia and the Pacific’s efforts to achieve sustainable development.
This amount included $9.8 billion allocated for climate action.
“ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action,” ADB president Masatsugu Asakawa said.
“Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy and low-carbon transport,” he said.
Aside from providing financial assistance from its own resources, the ADB also mobilized $16.4 billion in co-financing through its strong partnerships last year.