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ADB sets 400 mln USD assistance for Philippines

Xinhua, January 13, 2016 Adjust font size:

The Asian Development Bank (ADB) announced Wednesday that it is expected to approve additional 400 million U.S. dollars to the Philippines for its conditional cash transfer (CCT) program.

Takehiko Nakao, ADB president, hailed the performance of the Philippines in implementing the CCT program.

"Based on the positive outcomes of the CCT program, I'm now recommending to the ADB Board additional 400 million U.S. dollars of financing which is expected to be approved by the Board of ADB soon," he announced in a conference on sustaining the gains of the CCT in the Philippines.

He said the successes of the Philippines' CCT program have been recognized globally.

The multilateral agency initially provided the Philippines 400 million U.S. dollars to support the program in 2010. Endit