ADB approves $500M loan for Philippine marine ecosystem development

The Asian Development Bank (ADB) has approved a $500-million loan to the Philippines for the Marine Ecosystems for Blue Economy Development Program.

This initiative aims to restore marine ecosystems, enhance ocean-based industries, and bolster the resilience of coastal communities.

The program will also address plastic and solid waste pollution and encourage investments in natural capital.

Agence Française de Développement and Germany's KfW Development Bank will provide co-financing of up to €200 million each.

ADB Philippines Country Director Andrew Jeffries highlighted the oceans' importance for food and livelihoods, and the blue economy's potential for inclusive, resilient, and low-carbon development.