AIIB-ABD co-financing up for discussion
Discussions about AIIB – ADB co-financing infrastructure programs still going on
MANILA – The Asian Development Bank country director for the Philippines Kelly Bird said there are ongoing discussions with the Department of Finance under Secretary Carlos G. Dominguez III on co-financing between the Manila-based ADB and the Beijing-based Asian Infrastructure Investment Bank (AIIB) for infrastructure projects.
Country Director Bird, in a virtual press briefing in Malacañang Monday said the Asian Infrastructure Investment Bank provided US$700 million while the Government of Japan added US$500 million to ADB’s US$1.5 billion and co-financed vaccine-related projects.
“Last year, ADB’s support to the Philippines has been categorized into immediate relief, rebuilding the damage that was done plus supporting in the recovery,” he said. He added US$10 million was proposed to help the Philippine government provide food support to 160,000 families from Manila during the lockdown
In addition to the US$3 million grant for the J. B. Lingad Memorial Hospital in Central Luzon, Mr. Bird said they also provided at US$2 million grant for the Department of Education’s “Last Mile” schools, providing equipment to poor children in remote areas for distance learning.
Mr. Bird said the Asian Development Bank plays an important role in leveraging financing from other multi-development banks. (Melo M. Acuña)
ADB Country Director for the Philippines Kelly Bird. (Screen grab from Malacanang Press Briefing/March 15,2021/Melo M. Acuna)