Hanoi (VNA) - The Asian Development Bank (ADB) and thePhilippines have signed a memorandum of understanding (MoU) on a 7.1-billion-USDlending programme from 2019 to 2021 for the Southeast Asian nation.

ADB reaffirmed its strong commitment to supporting Manila inraising the Philippines' growth trajectory and reducing poverty and incomeinequalities at the signing ceremony, which was witnessed by PhilippineEconomic Planning Secretary Ernesto Pernia.

Also present at the ceremony were officials from other agencies in thePhilippines, such as the Department of Public Works and Highways, theDepartment of Transportation, and the Department of Interior and LocalGovernment.

Pernia said the programme will help his country move closer to its long-termvision of becoming a prosperous, middle-income nation without poverty by 2040.

The Philippine Government's “Build, Build, Build” (BBB) programme will besupported by the proposed lending programme.

Under the MoU, two-thirds, or about 4.5 billion USD, of the loan will be used for projects relatedto regional connection, communities, and urbanisation management.

The remaining one-third will focus on policy support and social assistance inthe areas of inclusive finance, capital market development, local governmentdevelopment, and youth employment, ADB said.

ADB said the three-year lending programme will be monitored annually by the bank. -VNA