MANILA -- The Asian Development Bank (ADB) has earmarked some USD1.3 billion in financing assistance for the long-term development of southern Philippines.
Apart from the USD408 million worth of loans and grants that the ADB approved as Emergency Assistance for the Reconstruction and Recovery of Marawi last week, ADB Principal Country Specialist for the Philippines Joven Balbosa said the institution has allocated USD1.3 billion for Mindanao under the Country Partnership Strategy.
“In the next three to four years or 5 years, the Philippines Country Partnership Strategy has a pipeline of projects which totals to about USD1.3 billion,” Balbosa said.
He said these projects in Mindanao supported under the Country Partnership Strategy are related to infrastructure, regional development, and investment in people.
Under this assistance, Balbosa said ADB is funding USD300 million for the improvement of road corridors, which is an ongoing development in Mindanao, to build connectivity in the region.
The funding program will also finance the Integrated Flood Risk Management Project that involves three river basins in Mindanao.
The ADB will also support regional development project in Mindanao, eyeing South-Central Mindanao as the first area to be developed under this project.
Balbosa said the funding would likewise develop livable cities in Mindanao.
It will also support other projects such as irrigation development and agro-enterprises development in the southern part of the country.
Balbosa noted that this effort is in line with ADB’s Strategy 2030 that aims to support projects that will reduce poverty, fight climate change, promote rural development, support regional development, advocate gender equality, aid governance and institutions, and develop livable cities.
“We also recognized that to bring about longer lasting peace, it also requires longer-term development,” said ADB Country Director for the Philippines Kelly Bird. (PNA)
