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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.