Investing.com - Financial Markets Worldwide
Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

World Bank approves $900-mln funding for two Philippine projects

Published 12/17/2020, 12:42 PM
Updated 12/17/2020, 12:50 PM
© Reuters.

MANILA, Dec 17 (Reuters) - 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.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.