OREANDA-NEWS. Asian Development Bank (ADB) President Takehiko Nakao has extended his congratulations to the new President of the Philippines, Rodrigo Duterte, after attending his inauguration today at Malaca?ang Palace, and offered his best wishes for the success of his administration.

“The Philippines, a founding member of ADB, has hosted ADB Headquarters since its establishment in 1966. We are grateful for its warm hospitality and close partnership,” said Mr. Nakao.

ADB provided its first loan in the Philippines in 1969 to support private enterprise development, followed by a loan to support agriculture and rural development in Mindanao. Since then, it has provided $15.9 billion in sovereign loans, $1.6 billion in nonsovereign operations (loans, equity investment, and guarantees to the private sector), and $92 million in technical assistance. In the aftermath of Typhoon Haiyan (Yolanda) in 2013, ADB provided $900 million for typhoon-affected areas. ADB is targeting $1 billion in sovereign loans in 2016, and is ready to increase assistance further based on discussion with the new administration.

ADB is currently supporting initiatives in the country for sustainable and climate-resilient infrastructure, good governance and finance, youth employment and education, gender, social protection (conditional cash transfers for poor households), and regional integration. ADB has been supporting the government’s public-private partnership initiatives, and is currently providing transaction advisory service to the 595-kilometer North-South railway project.