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ADB says to support Philippine new gov't to pursue its development objectives

Xinhua, June 30, 2016 Adjust font size:

Asian Development Bank President Takehiko Nakao on Thursday pledged more support to Philippine President Rodrigo Duterte, offering his best wishes for the success of the new administration.

"We are happy to elevate our support to the new administration to pursue its development objectives based on the 10-point Economic Agenda," said Nakao after witnessing the oath-taking ceremony at the Malacanang presidential palace.

Nakao said in a statement that the Philippines is a founding member of the Manila-based bank that was established in 1966.

He said ADB provided its first loan in the Philippines in 1969 to support private enterprise development, followed by a loan to support agriculture and rural development in Mindanao.

Since then, Nakao said it has provided "15.9 billion U.S. dollars in sovereign loans, 1.6 billion U.S. dollars in nonsovereign operations (loans, equity investment, and guarantees to the private sector), and 92 million U.S. dollars in technical assistance."

He said ADB has been supporting the government's public-private partnership initiatives, and is currently providing transaction advisory service to the 595-kilometer North-South railway project. Endit