The World Bank said Tuesday that it and its private sector arm have committed concessional loans of up to $4.2 billion to the Philippines to help the country reduce poverty, create jobs and sustain growth as it recovers from the impact of a devastating typhoon and separatist rebellion.
Fed up with U.S. dominance of the global financial system, five emerging market powers this week will launch their own versions of the World Bank and the International Monetary Fund.
The World Bank is opening its wallets to the Philippines once more, to help the Visayas recover from the effects of Supertyphoon “Yolanda” (International name: Haiyan) which slammed into the country late last year.
By Paolo G. Montecillo
The country’s fight against poverty is set to receive a major boost following the announcement of a new World Bank partnership with the Philippines that would result in more than $1 billion in aid finance every year until 2018.
By Ben O. de Vera
The World Bank has granted the Philippines technical assistance worth $700,615 to study how the sustainable use of the country’s natural resources—specifically mangroves and minerals—could help reduce poverty.