ADB OKs $500-M loan to Phl for climate action
The Philippine Star|November 27, 2024
The Asian Development Bank (ADB) has approved a $500-million loan to support the Philippines' efforts in addressing climate change.
By LOUELLA DESIDERIO

In a statement yesterday, the multilateral lender said the policy-based loan for the Philippines' Climate Change Action Program (CCAP) Subprogram 2 will support the country's implementation of its nationally determined contribution (NDC) or commitment to reduce emissions to help advance global efforts to stabilize the world's climate under the Paris Agreement.

Agence Française de Développement is providing co-financing worth $278.3 million for the program, which aims to help accelerate reforms for climate-resilient and low-carbon agriculture, natural resources and environment, energy and transport.

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