JAPAN-led Asian Development Bank (ADB) said on Monday it hopes to sign within the year loans and grants worth $408 million to assist the Philippines in the rehabilitation of war-torn Marawi City.
“We are considering the signing as early as possible (of) the Marawi Reconstruction and Recovery Loan of $400 million, and in addition, $8 million grant,” ADB president Takehiko Nakao told reporters in a press conference in Manila City.
“So a total of $408 (million) and we would like to sign within this year,” Nakao added.
ADB in November said the $400-million in loans was being considered, which will provide immediate financing for the infrastructure needs of Marawi.
The government earlier pegged the rehabilitation of Marawi to cost at least P72 billion, with P17.2 billion for the development of the most affected area and P55 billion for the rest of the city and the towns of Butig and Piagapo in Lanao del Sur. (With GMA News/PN)
