The board of directors of the Asian Development Bank (ADB) recently approved a loan of USD 300 million to the government of the Philippines for projects intended to reduce income equality by expanding financial services for small and medium-sized enterprises (SMEs) in the country, with a focus on rural areas. The loan will be used for the “Finance Development Program,” through which the Filipino government will invest in supporting technology and infrastructure such as a national identification system and a national retail payment system.
The goal of ADB, which was established in 1966, is to eradicate poverty in the Asia-Pacific region. It is owned by 67 countries, of which 48 are located in the region. For 2017, the ADB had a total budget of USD 32.2 billion, including USD 11.9 billion in co-financing.
By Michelle Fleming, Research Associate
Sources and Additional Resources
Asian Development Bank press release
https://www.adb.org/news/adb-300-million-loan-boost-filipinos-access-financial-services
Asian Development Bank homepage
https://www.adb.org
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