MANILA – The Asian Development Bank said Friday it opened a satellite office in Clark to serve as "support hub" for its financed projects in Central Luzon.
The office in Clark, north of the capital, will serve as support and coordination hub for ADB-financed programs. It will "help advance" the $2.75 billion (P140 billion) Malolos-Clark Railway project, the lender said in a statement.
The Malolos-Clark Railway project is the bank's largest project financing in Asia and the Pacific region to date, it said.
The new office will also support the South Commuter Railway project which is in preparation for financing this year and the Bataan-Cavite Bridge Project for 2021, it said.
It will also help provide transaction advisories to the Bases Conversion and Development Authority for its New Clark City development, the ADB said.
“This new office will further improve our coordination with government agencies, especially the Department of Transportation, and support effective implementation of these important projects,” said ADB Vice-President Ahmed Saeed.
The bank’s sovereign lending to the Philippines reached a record $2.5 billion (P127 billion) in 2019 from $1.4 billion (P71 billion) the previous year, it said.