The Asian Development Bank (ADB) has approved a US$44.4 million assistance package to support the development of small- and medium-sized enterprises (SMEs) in the Philippines. "The project will help stimulate SME development in the country, to contribute to sustainable growth and generate jobs," said Asa Malmstrom Rognes, an ADB Senior Financial Economist, in a statement. The package includes a US$25 million loan, a partial credit guarantee facility of US$18.4 million, and an equity investment of up to US$1 million. ADB's loan will act as a credit line to government-owned Small Business Guarantee and Finance Corporation (SB Corporation) which will on lend the loan in local currency to SMEs with a solid business foundation that do not have access to bank financing. The partial credit guarantee facility will seek to encourage selected private sector financial institu
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