The Asian Development Bank (ADB) granted on Thursday night a $380-million loan to the Philippines aimed at strengthening Mindanao’s road network and spur economic development there. Approved by the Manila-based multilateral lender’s board of directors, the Improving Growth Corridors in Mindanao Road Sector Project seeks to improve about 280 kilometers (km) of national roads and bridges in in the island region. The loan would help finance the detailed design of 300 km of national highways in Mindanao, which will be built through other projects. Efficient road transport is crucial for the Philippines’ economic growth, but the sector has not kept up with population growth. About 23 percent of the national road network is in poor condition, due to various reasons including inadequate funding; lack of maintenance; and the impact of climate change, such as flooding.

Source: Manila Times December 15, 2017 18:22 UTC