WB shells out $62M more for PH

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.

Jim Yong Kim, president of the Washington-based multilateral lender, announced on Monday that an additional $62 million in aid finance may be made available to the government later this year.

This would go on top of the nearly $1 billion the World Bank has already lent the Philippines in the wake of the typhoon.

Kim was in Leyte on Monday to assess reconstruction efforts, which the World Bank helped finance. He will be in Manila on Tuesday to meet with top government officials.

“I am here to reaffirm the World Bank Group’s support for the courageous Filipinos who are rebuilding from the ruins of Typhoon Haiyan,” Kim said in a statement.

Kim said the proposed Philippine Rural Development Project would be presented to the Bank’s Board of Executive Directors this month.

The proposed project includes more than $62 million targeted to boost the incomes of farmers and fishermen and repair 230 kilometers of farm-to-market roads in central Philippines that was badly hit by the supertyphoon.

The $62 million is part of a $508.25 million project designed to raise rural incomes and boost productivity of farmers and fishermen nationwide.

The World Bank already announced nearly $1 billion in financial assistance in the immediate aftermath of the typhoon.

The new partnership strategy supports the country’s goal of promoting and sustaining growth, which reduces poverty and creates jobs.

Under this new strategy, the World Bank Group is committed to providing $3.2 billion in assistance over four years, and will continue to share global knowledge and good practices.

The Philippines is the third-most vulnerable country in the world to extreme weather-related events, earthquakes, sea-level rise, and storm surges.

“The poor are disproportionately affected by disasters and are the least able to cope. If we don’t build resilience to climate change and natural disasters, we won’t end poverty,” Kim said. Paolo G. Montecillo