Wishing for $7.07-billion

The government is seeking $7.07 billion worth of fresh official development assistance (ODA) from multilateral financial institutions in the next three years as part of its efforts to upgrade the country’s infrastructure, according to the National Economic and Development Authority (Neda).

The funding will cover 38 projects and programs that will be processed until 2018. The government is proposing these for funding to the Asian Development Bank (ADB), World Bank and the International Fund for Agricultural Development (Ifad).

The government is seeking the largest funding support of $3.63 billion from the ADB, followed by the $1.89 billion from the World Bank and at least $90.54 million from the Ifad.

The amount of $500 million will be used to fund the Expanding Private Participation in Infrastructure Program, Subprogram 1, with another $500 million going to the Second Disaster Risk Management Development Policy Loan with Catastrophe-Deferred Drawdown Option (CAT-DDO).

Of the $500-million funding for the infrastructure program, $300 million will come from the ADB and the remaining $200 million from the Japan International Cooperation Agency (Jica).

“The program’s impact will be increased investment in infrastructure. The outcome will be improved private participation in infrastructure that will be achieved through policy reforms,” the Neda said. The $500 million needed for the Second CAT-DDO, on the other hand, will come from the World Bank. The amount was requested by the national government at the World Bank-International Monetary Fund (IMF) Spring Meetings in April. 

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