Masato Kanda, the former Japan Vice-Minister of Finance for International Affairs, officially assumed office as the 11th President of the Asian Development Bank (ADB) today, Feb. 24, 2025.
Dubbed the Second Disaster Resilience Improvement Program, the loan provides the country with quick-access financing to support immediate recovery efforts while implementing long-term disaster risk reduction and management (DRRM) reforms.
The Asian Development Bank will lend the Philippines a total of $24 billion in the next six years to finance priority development programs and projects, according to the Manila-based multilateral lender.