MANILA -- The Asian Development Bank (ADB) on Friday approved the financing package to support the Philippine government's Bangon Marawi Comprehensive Rehabilitation and Recovery Program.
ADB Country Director for the Philippines Kelly Bird announced in a press briefing that the ADB will disburse USD400 million worth of loans plus USD8 million in grants to finance programs, projects, and activities for the rebuilding and rehabilitation of Marawi.
ADB’s financing assistance covers nearly half of required investments under the Bangon Marawi program of the government, which is estimated at USD900 million.
Under the Emergency Assistance for Reconstruction and Recovery of Marawi package of the ADB, a USD300-million quick disbursing support will finance programs, projects, and activities related to health and education, social services, livelihood, local governance and peace-building.
The government targets to implement this from 2019 to 2020.
The ADB also set a USD100-million financing assistance for the reconstruction of 25 kilometers of roads, 1,700 meters of bridges and viaduct, and related physical infrastructure. These projects are expected to be completed in five years.
Part of ADB’s grant amounting to USD5 million, targets to restore water utilities and health infrastructure in Marawi.
The package will also fund the restoration of the water supply system in 19 barangays served by Marawi City Water District. Furthermore, it aims to bankroll the development of a comprehensive water supply, sewerage and drainage masterplan in Marawi.
Two local health clinics, three mobile health clinics and other health facilities will also be acquired through ADB's funding.
The remaining USD3-million grant will be supporting the emergency employment programs of the Department of Labor and Employment and livelihood programs of the Department of Trade and Industry. These programs are expected to help 3,600 beneficiaries.
“With the government’s recovery plan in place, it’s essential that we quickly implement and roll out the programs. It’s important to focus on helping young Maranaos regain a sense of normalcy in a safe learning environment, which they are longing for,” said Bird.
“A key component of our grants assistance will equip temporary learning places with better equipment and resources. We will also provide them with culturally sensitive psycho-social support and peace education,” he added.
Tenure of the USD400 million loan is 32 years and with eight years grace period. (PNA)
