World Bank approves $900-mln funding for two Philippine projects
By Enrico dela Cruz
Image source: GH Headlines
MANILA – The World Bank said on Thursday its board had approved two projects worth $900 million to support the Philippines’ efforts to recover from the COVID-19 pandemic, improve competitiveness, and build resilience against shocks and natural disasters.
The first is a $600-million Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan, which will support reforms to improve digital infrastructure, including a national ID project.
The second is $300-million funding for projects involving basic social services such as COVID-19 isolation facilities, improvements in water and sanitation, and construction of health stations, the bank said in a statement.
The World Bank Group is making available up to $160 billion over a 15-month period ending June 2021 to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery.
This includes $12 billion for developing countries to finance the purchase and distribution of COVID-19 vaccines, it said.
The lender expects the Philippines, which before the pandemic was one of Asia’s fastest growing economies, to post a deeper-than-expected contraction of 8.1% this year due to the lockdowns and devastating typhoons.
Source: Reuters