The Asian Development Bank (ADB) has approved a $1 billion loan for the Davao Public Transport Modernization Project in the Philippines.
The project aims to deploy electric bus fleets on a large scale, reducing greenhouse gas emissions and promoting climate action.
The loan will support the procurement of 1,100 modern buses and the construction of bus stops, depots, and terminals.
It will also provide training for bus drivers and implement an intelligent transport system.
The project will include a social development program will mitigate any adverse impacts, and livelihood opportunities will be offered to workers who will be affected by the restructuring of the city’s transport system.
The loan is co-financed by the ASEAN Infrastructure Fund and the Green Climate Fund.