ADB sets aside $4.3B in aid for RP

Institution hopes to make dent on poverty.

MANILA, Philippines – The Asian Development Bank has earmarked at least $4.3 billion in aid for the Philippines through 2012 to push the domestic economy to a “sustained high-growth path.”

Neeraj K. Jain, ADB’s country director for the Philippines, said in a briefing that disbursements for 2009 alone would likely exceed $1.3 billion.

“Normally, the ADB [releases] $400 million to $600 million yearly,” Jain said. “This year’s amount is more than double the usual as the country feels the impact of global economic developments.”

Read more…

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>