ADB loans to Phl hit $750 million in 2012
MANILA, Philippines - Loans extended by the Asian Development Bank (ADB) to the Philippines reached $750 million in 2012.
This brings total loans extended by ADB to the Philippines to $13.54 billion as of end-December 2012. Of this amount, $10.86 billion have already been disbursed.
The Manila-based lender approved loans for three Philippine projects in 2012. These are the Increasing Competitiveness for Inclusive Growth Program-Subprogram 1, the Integrated Natural Resources and Environmental Management Program, and the Market Transformation through Introduction of Energy Efficient Electric Vehicles Project.
The Philippines is one of ADB's founding members when it was established in 1966. It is also the ADB's fifth largest borrower, and accounts for about 8 percent of total sovereign and non- sovereign lending.
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