The Asian Development Bank (ADB) has approved a USD200 million loan to the Government of the Philippines to support climate-resilient infrastructure projects in the country. Proceeds from the loan will be used to fund feasibility studies and detailed engineering design.
The loan is the second additional financing for the Infrastructure Preparation and Innovation Facility (IPIF) to support the preparation of climate-resilient road, bridge, transport and flood risk management projects identified as flagship projects. The loan will also help build the capacity of the Department of Transportation (DOTr) and Department of Public Works and Highways in implementing large infrastructure projects.
A USD1.5 million technical assistance grant will support efforts to have stronger regulations and policies as well as will also enhance investment planning for low carbon and climate-resilient infrastructure.
Moreover, ADB has committed USD8.4 billion worth of financing for the Malolos Clark Railway Project and the South Commuter Railway Project. These projects, along with other major bridge and public transport projects, are expected to reduce greenhouse gas (GHG) emissions by 497,866 tons annually.