The Asian Development Bank said Monday its board of directors approved a $100-million loan for the Infrastructure Preparation and Innovation Facility to support the Philippine government in accelerating the delivery of high-quality public infrastructure projects under the ambitious “Build, Build, Build” program.
The facility will assist two key agencies”•the Department of Transportation and the Department of Public Works and Highways”•in preparing flagship infrastructure projects under the infrastructure program using international best practices.
It is estimated to spur $3.8 billion in public infrastructure investments in national roads, railways, bridges, flood control, ports, and airports, which in turn will add as much as $10 billion to the country’s gross domestic product between 2019 and 2024.
“The flagship infrastructure projects under the ‘Build, Build, Build’ program will spur economic growth and improve people’s living standards. Better infrastructure will lower the cost of doing business, shorten travel times, and usher in more economic opportunities in remote areas. It will also make it easier for people to access education, healthcare, and other social services,” said ADB country director Richard Bolt.
