26-6-2023 (MANILA) The Philippines and the World Bank (WB) have officially sealed multiple loan agreements on Monday, amounting to 1.14 billion U.S. dollars. These loans will provide vital funding for various government initiatives aimed at expediting the country’s economic recovery.
The signing ceremony took place between Philippine Finance Secretary Benjamin Diokno and World Bank Country Director for the Philippines Ndiamé Diop.
According to the Philippine Department of Finance (DOF), a significant portion of the loan, amounting to 276 million dollars, will be allocated to finance several projects throughout the Southeast Asian nation. The funds will be directed towards sustainable efforts to enhance agricultural productivity, strengthen the resilience of farmers and fisherfolk, and improve their access to markets and essential services.
Additionally, 110 million dollars in loans will be channeled to the Department of Education, specifically targeting the improvement of educational standards in the southern regions of the Philippines. This investment aims to enhance the quality of education and provide better learning opportunities for students in those areas.
Furthermore, a substantial portion of the loan, amounting to 750 million dollars, will be allocated to support the country’s policy reforms. These reforms will focus on bolstering environmental protection measures and enhancing climate resilience, addressing critical issues related to sustainability and climate change adaptation.
The World Bank, being a prominent multilateral lender, stands as the Philippines’ third-largest official development assistance partner, according to the DOF. This collaboration reflects the commitment of both parties to promote inclusive and sustainable development in the country.
