Ayala Charges Up EV Ecosystem With $100-M ADB Financing Deal

The Asian Development Bank (ADB) and Ayala Corp. have signed a $100-million financing deal to support the development of an electric mobility system in the country.

- Louella Desiderio

In a statement yesterday, the multilateral lender said the financing package would support the country's oldest conglomerate in its efforts to push for electric mobility, particularly in procuring and installing electric vehicle charging stations (EVCS).

The financing package includes a concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia, which aims to support private sector projects focused on climate and nature-based solutions.

"This project is a significant step toward a sustainable and low-carbon future for the Philippines," ADB country director Pavit Ramachandran said.

"By fostering the development of a robust electric mobility ecosystem, we are not only addressing critical environmental challenges such as air pollution, but also driving economic growth through the creation of green jobs, enhancing energy security and promoting inclusive and resilient urban development," he further said.