ADB approves $400m loan to boost agree reforms

Last updated on May 6th, 2021 at 07:07 am

METRO MANILA – The Asian Development Bank (ADB) approved fresh loan to the Philippines to support the reforms by the government to improved the country’s agri sector that could ultimately lessen poverty in provinces.

According to the bank’s vice-president, poverty has remained high because of low productivity and limited crop diversification despite the country’s initative of reducing the nation’s poverty rate.

The new loan will be funded under the “Competitive and Inclusive Agriculture Development Program, Subprogram 1” that was initially approved in April.

The borrowed funds will be payable in 15 years with a 3 years grace period. The credit will not have a counterpart funding from the government.

The funds approved is said to help the government open up opportunities in the farming sectors by pushing for reforms in trade policy and regulations as well as financial and social protection to families living in the province.

ADB said in a statement that the loan will be complemented by investments in expanding the flood risk management in major rivers in the province as well as improvement in irrigation efficiency and agro-enterprise development. Saeed said that the loan will support the government’s initiative to resolve institutional weaknesses in land and water management and provide support by extending social safety net for the underprivileged families.

Jasmine C.

Mabuhay! An upcoming Newswriter for the Asian Affairs from the Pearl of the Orient - Philippines. Avid follower of celebrity gossips, fashion news. I got into writing so that my fellow Kababayan will be constantly updated with the latest news.

Recent Posts

Vietnam International Defense Expo 2024

The 2024 Vietnam International Defense Expo was inaugurated by the Prime Minister Pham Minh Chinh on December 19, 2024 and…

December 22, 2024

Shooting concludes: Stranger Things 5 to release on Netflix in 2025

Created by the Duffer Brothers, Stranger Things is one of the most popular sci-fi horror series globally. It is set…

December 21, 2024

China’s Hypersonic Expansion in Asia Raises Alarms for India

According to the US Department of Defense, China has now produced the most sophisticated supply of hypersonic weapons in the…

December 21, 2024

Melaka International Halal Festival 2024

The Melaka International Halal Festival 2024 aims to turn the city as the prime center of the Halal products and…

December 21, 2024

Chunichi Dragons Renews the Contract of Hiroto Takahashi with Annual Salary of 120 million yen

On Saturday, the stalwart of Chunichi Dragons Pitcher, Hiroto Takahashi attended the negotiation for his contract renewal for the next…

December 21, 2024

Biden-Harris administration cancels another $4.28 billion in US student loans

US President Joe Biden has cancelled another $4.28 billion in student loans for nearly 55,000 people across the country, the…

December 20, 2024

This website uses cookies.

Read More