ADB approves $7.8-billion loan for PH infrastructure

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Metro Manila (CNN Philippines, September 20) — The country can tap a multibillion-dollar loan for its massive infrastructure projects.

The Asian Development Bank (ADB) said it has approved a $7.8-billion (approximately ₱421 billion) loan to accelerate infrastructure development and promote inclusive economic development.

"Our operations are leveraging resources to support the government's transformative social and economic agenda," said Stephen Groff, ADB vice-president, in a statement. 

The loan will be released in tranches, or around $2 billion (approximately ₱108 billion) annually from 2018 to 2021.

According to the Manila-based international lender, this is the highest loan given to the nation within a four-year period. The $2-billion annual average is also double what the bank estimates to loan in a year.

Bulk of this loan, or 47 percent, will be used to improve the transportation sector. Key projects include the Malolos-Clark railway, the Bataan-Cavite Long-Span Bridge, the EDSA Greenways project, and more bridges in Metro Manila.

The funds will also be used to improve or implement economic development and disaster management projects in the Visayas and Mindanao.