Finance Secretary Carlos Dominguez III cited the continued support of multilateral lender Asian Development Bank to the country’s development projects, especially the unprecedented “Build, Build, Build” program and other initiatives of the Duterte administration.
Dominguez thanked ADB president Takehiko Nakao for exploring ways of forging closer coordination with the World Bank to better respond to the needs of countries in the Asia-Pacific region.
“We are accomplishing a lot because ADB is 100-percent behind us, especially with this assistance for the Malolos-Clark Railway Project and the secondary education support program. It is proof that the institution is very supportive of our growth,” he said.
The ADB’s $2.75-billion financing for the construction of a 53.1-kilometer passenger railway connecting Malolos in Bulacan to the Clark International Airport in Pampanga is the bank’s single largest infrastructure investment in the region.
Dominguez and ADB vice president Ahmed Saeed on July 11 signed a $1.3-billion loan agreement representing the first tranche of the bank’s loan for the Malolos-Clark Railway Project.