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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.

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