ADB Makes $300M Loan for Philippines E-Trike Taxi Fleet
MANILA, Philippines - The Asian Development Bank (ADB) is extending a $300-million loan to the Philippines to develop a fleet of clean, energy efficient electric tricycles, or E-Trikes.
In a statement issued today, the Manila-based lender said that the loan, which is in line with the government's plan to develop a national e-vehicle industry, will replace 100,000 gasoline-burning tricycles that service thousands of commuters in Metro Manila and other key urban centers.
"This project can help transform transportation in the Philippines, and positions the country as a leader in electric vehicle development in Asia," said Neeraj Jain, ADB's Country Director for the Philippines.
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