ADB OKs $408M in Marawi funds
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The board of the Manila-based Asian Development Bank (ADB) on Friday gave the green light to a total of $408 million in loans and grants for the rehabilitation and reconstruction of war-torn Marawi City. The financing package, called Emergency AsADB OKs $408M in Marawi funds
The board of the Manila-based Asian Development Bank (ADB) on Friday gave the green light to a total of $408 million in loans and grants for the rehabilitation and reconstruction of war-torn Marawi City. The financing package, called Emergency Assistance for Reconstruction and Recovery of Marawi, included two loans worth $400 million on top of $8 million in grants, ADB country director for the Philippines Kelly Bird told a press conference. Bird said a $300-million quick disbursing loan would fund selected programs, projects and activities under the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP), which covers areas outside ground ze...Keep on reading: ADB OKs $408M in Marawi funds Read more