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Philippines gets $400 million ADB loan to develop capital market

Published 05/26/2020, 04:26 PM
Updated 05/26/2020, 04:30 PM

MANILA, May 26 (Reuters) - The Philippines has secured a
$400 million loan from the Asian Development Bank (ADB) to
strengthen its domestic capital market and mobilise funds for
the infrastructure projects it hopes can spur an economic
recovery next year.
The policy-based loan, the ADB said, will help the Southeast
Asian economy grow its government and corporate bond markets and
expand its investor base.
The Philippines, which is on the edge of a recession after
the coronavirus-induced lockdown shuttered business and sapped
domestic demand, is banking on its multi-billion dollar "Build,
Build, Build" infrastructure programme to help the economy
rebound. Philippine President Rodrigo Duterte has promised to usher
in a "golden age of infrastructure" by raising annual spending
on roads, airports, ports to 7% of gross domestic product by
2022 from less than 3% previously and above the 5% average of
neighbouring countries.

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