MANILA - The Asian Development Bank approved Friday a $408 million financing package to the Philippines to help rebuild Marawi, a city in the country's south that suffered extensive destruction during intense fighting between militants and government forces last year.
The Manila-based bank said $300 million comes in the form of a quick-disbursing loan for programs and projects covering such areas as local governance, housing and settlement.
Another loan of $100 million will finance infrastructure projects, including about 25 kilometers of roads and 1.7 km of bridges and viaducts.
Grants worth $8 million will go toward rehabilitating water systems, building local health units and procuring mobile medical clinics, among other things, the bank said.
The predominantly Muslim city on the island of Mindanao saw months of intense fighting between Islamic State-inspired militants and government forces in 2017 after the armed militants occupied areas within the city.
Besides extensive damage to the city's buildings and infrastructure, close to 1,500 people died during the fighting and over 350,000 people were displaced.
Eduardo del Rosario, head of an inter-agency group tasked with rebuilding Marawi, said earlier that the rehabilitation would cost at least 62.5 billion Philippine pesos (more than $3 billion), while another 21 billion pesos is required to pay owners of properties that might have to be acquired for government-led infrastructure projects.