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Hanoi (VNA) – The Philippines has so far secured a total of 8.83 billion USD in borrowings, loans and grant assistance for the government's COVID-19 response efforts from its development partners and the commercial markets, China’s Xinhua News Agency reported. The Philippine Department of Finance (DOF) said on September 6 that of the total amount, 5.98 billion USD  is budget support financing from the Asian Development Bank, the World Bank, the Asian Infrastructure Investment Bank, the French Development Agency and the Japan International Cooperation Agency. A total of 2.35 billion USD was sourced from the government's latest global bond offering that fetched its lowest ever coupon in the USD market, the DOF added. The DOF said the remaining 496.36 million USD is from grant and loan financing from the Philippines' development partners for various COVID-19 specific projects. Finance Secretary Carlos Dominguez said that total government borrowings for 2020 and 2021 … [Read more...] about Philippines secures over 8.8 bln USD for COVID-19 response

Hanoi (VNA) - The Asian Development Bank (ADB) has approved a 500-million-USD policy-based loan to allow the Philippines to quickly access emergency financing in the event of disasters triggered by natural hazards or public health emergencies. The Philippines has been hit by several major disasters in recent years, including typhoon Haiyan in 2013, the Taal volcano eruption in January 2020, and the ongoing COVID-19 pandemic, ADB Vice-President Ahmed Saeed said in a statement. "This new contingent disaster financing instrument will help the government manage fiscal risks posed by those shocks and lessen the economic and social impacts on people's livelihoods and the country's economy," Saeed added. ADB Financial Sector Specialist for Southeast Asia Benita Ainabe said the Disaster Resilience Improvement Programme will support government policy reforms aimed at ensuring the government to quickly address the needs of vulnerable segments of the population following disasters. It will … [Read more...] about ADB approves 500 million USD loan to boost Philippines’ disaster resilience

Illustrative image (Photo: Internet) Dong Nai – The southern province of Dong Nai is striving to attract 5-6 billion USD in foreign direct investment during the 2021-2025 period, and about 6-7 billion USD during 2026-2030. … [Read more...] about Dong Nai targets 5-6 billion USD in FDI during 2021-2025

Jakarta (VNA) – Indonesian Coordinating Economic Minister Airlangga Hartanto said on September 7 that the government had earmarked 3.8 trillion IDR (256.8 million USD) for the down payment for purchasing COVID-19 vaccines. At an online press conference, he said the government plans to spend 37 trillion IDR (2.51 billion USD) next year for a multi-year vaccine development programme. The government is eyeing several potential vaccines that are currently under development. The first is the Merah Putih vaccine, which is being developed by the Research and Technology Ministry and the Eijkman Institute for Molecular Biology. The second is the vaccine being developed by state pharmaceutical holding company PT Bio Farma in cooperation with Sinovac Biotech of China. The third vaccine is the one being developed by United Arab Emirates' Group 42 (G42) Healthcare. According to Airlangga, Indonesia plans to procure 290 million doses of the Sinovac vaccine next year and 30 million doses of … [Read more...] about Indonesia to set aside over 2.7 billion USD for COVID-19 vaccine procurement

The bay in Da Nang will become a new sea port, rail and logistics centre. (Photo courtesy Trung Nam Group) Da Nang - The central city of Da Nang has called for total investment of 47.5 trillion VND (2 billion USD) from the State Budget and foreign sources for the development of 38 projects between 2021-2025, focusing on transport and traffic. … [Read more...] about Da Nang calls for 2-billion-USD investment in 2021-202525