ADB extends $ 250m loan to assist Philippines

MANILA, Feb 14: The Asian Development Bank (ADB) said Friday that it has approved a loan of 250 million US  dollars for a project which seeks to boost the financing system of local government units (LGUs) in the Philippines.

The Manila-based lender said in a statement that its Board of Directors approved the loan on Thursday. The reform program will receive parallel co-financing of 150 million US dollars from the Agence Francaise de Developpement or French Agency for Development.

ADB said the money will be used mainly to fund a government-led, comprehensive review of the Local Government Code or Republic Act 7160 to boost municipal revenues and address regional disparities in living standards.

    — Xinhua