ADB approves $300-M loan for 'E-Trikes'
MANILA, Philippines - The Asian Development Bank (ADB) has approved a US$300-M loan to finance energy efficient electric tricycles, or E-Trikes, in the Philippines.
In a statement on Tuesday, December 11, the ADB said the project seeks to replace 100,000 gasoline-burning tricycles with E-Trikes. These will be introduced in Metro Manila and other urban centers across the Philippines under a lease-to-own arrangement. The project is expected to be completed by 2017.
Replacing gasoline-powered trikes will result in savings of more than $100 million per year in fuel imports and cut the annual carbon dioxide emissions in the country by 260,000 tons, according to the ADB.
Energy Undersecretary Loreta G. Ayson said the project is also expected to create up to 10,000 jobs within the 5-year period of the project's implementation.
Aside from this, ADB said it is also administering another $105-M loan and grant from the Clean Technology Fund for other Philippine environmental-focused projects. The Philippine government is providing $99 million in counterpart funding for the project.
Without intervention, the Philippines is anticipated to almost quadruple CO2 emissions in less than 25 years. Based on an ADB study, gasoline-fuelled tricycles are responsible for more than two-thirds of all air pollution generated by the country’s entire transport sector. - Rappler.com