The government, through the National Economic Development Authority (Neda), has formally approved the roll-out a massive project involving the deployment of e-tricycles, or e-trikes, all over the country.
The go-signal on the project was given during the recent meeting of the Neda board with Pres. Benigno S. Aquino III presiding as chair.
At the meeting, the Neda board modified the total project cost with the additional grant of $4 million (P172.0 million) from the Clean Technology Fund, from $500 million (P21.50 billion) to $504 million (P21.67 billion), for the provision of solar charging stations.
The Department of Energy was also named the main agency in charge of the project, which will be implemented from 2013 to 2017.
The bulk of the funding will come from a loan extended by the Asian Development Bank (ADB) worth $300 million (see related story here).