ADB Ramps up Crisis Funding to $4 Billion as Philippines Seeks Support Amid Prolonged Mideast Conflict

ADB ramps up crisis funding to $4 billion as Philippines seeks support amid prolonged Mideast conflict

The Asian Development Bank (ADB) is mobilizing $4 billion in financing to help its developing member countries (DMCs) cope with the economic fallout from the ongoing war in the Middle East, with the Philippines among those seeking assistance as higher fuel, food, fertilizer, and freight costs continue to pressure economies across the Asia-Pacific region.In a statement on Friday, June 12, the Manila-based multilateral lender said the package cons…

ADB delivers rapid support as the Middle East impact spreads

The Asian Development Bank (ADB) is acting quickly and decisively with $4 billion in financing to help countries withstand the impact of the Middle East conflict, including about $3 billion requested by governments and $1 billion provided as trade finance for energy and food imports. “ADB is acting with speed and scale to support countries experiencing a range of impacts from the Middle East conflict, including pressure on finances, remittances,…