Philippines To Receive $372M Loan For Typhoon Recovery

Law360, Washington (December 16, 2013, 5:00 PM EST) -- The Asian Development Bank board on Monday approved a $372 million emergency loan to the government of the Philippines to restore social services and assist in other rebuilding efforts in the wake of Typhoon Yolanda, which hit the country last month.

The loan will specifically support a community-driven development project program that has been underway since 2002 and helps affected communities directly respond to residents in need. The ADB said Monday that the program would reduce resource allocation corruption and create jobs.

“The community-driven approach is...
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