MANILA, Sept. 20 (Xinhua) -- The Asian Development Bank (ADB) announced on Thursday that its Board of Directors has approved a new 6-year country partnership strategy, expecting to lend an estimated 7.8 billion U.S. dollars until 2021 to lay out its support to the Philippines in attaining sustained high and inclusive economic growth.
Under the new strategy, the Manila-based bank said its programs and projects in the Philippines will focus on three priority areas, including accelerating infrastructure and long-term investments, promoting local economic development in central and southern Philippines, and investing in people.
ADB said it expects to lend to the Philippines an estimated 7.8 billion U.S. dollars, or nearly 2 billion U.S. dollars annually, from 2018 to 2021, the highest for any 4-year period.
ADB added the annual average also doubles the current estimated yearly lending pipeline.
"Our country partnership strategy aims to improve the standard of living of Filipinos, particularly the poorest half of the population, and allow them to feel the benefits of a growing economy through better education, jobs, and income opportunities. Our operations are leveraging resources to support the government's transformative social and economic agenda," said ADB Vice President Stephen Groff.
ADB said it will rebalance its financing assistance to support the Philippine government's massive "Build, Build, Build" infrastructure development program to address connectivity issues, allowing the country to catch up with its regional peers in infrastructure competitiveness and achieve its goal of reaching upper middle-income status by 2022.
Reflecting the rebalanced lending pipeline, ADB said transport will make up 47 percent of ADB's Philippine operations from 2018 to 2021, up from 2.2 percent in the last seven years.
