ADB Commits $300M For Greener Vehicles In Philippines

Law360, New York (December 11, 2012, 7:36 PM EST) -- The Asian Development Bank on Tuesday announced a $300 million loan to help the Philippines replace gas-power, motorized tricycles with electric ones, cutting down on the cost of fuel and dangerous smog levels in its capital, Manila.

The country could save more than $100 million a year in gasoline imports by converting its fleet of 100,000 trikes over a five-year period, the bank said. The move would cut out about 260,000 annual tons of greenhouse gases.

The loan also hits the bank's goal of promoting economic...
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