World Bank grants PH $500-M loan
MANILA, Philippines – World Bank has granted the Philippines a $508.25-million loan and grant package, which will finance the implementation of rural infrastructure and livelihood projects for farmers and fisherfolk in the country.
The grant package, which will be called Philippine Rural Development Project (PRDP), seeks to improve the productivity of farmers and fisherfolk through funding construction of infrastructure projects such as farm-to-market roads, bridges, tire tracks, communal irrigation systems, potable water systems, and other projects.
“Given that a significant number of poor people are in the rural areas, successful implementation of this project could boost the country’s efforts to achieve growth that creates jobs, in line with the World Bank Group’s twin goals of eradicating extreme poverty and promoting shared prosperity,” said World Bank Country Director Motoo Konishi in a statement.
According to World Bank, the loan will benefit two million farmers and fisherfolk, and will indirectly benefit an estimated 22 million Filipinos.
Apart from the implementation of rural projects, the PRDP will also finance a $7 million grant to conserve and protect selected coastal and marine areas in the country. The World Bank identified priority areas for conservation which include: Tayabas Bay in Quezon; Green Island Bay in Palawan; Ticao Pass in Sorsogon and Masbate; Guimaras; Danajon Bank in Bohol; and Guiuan Coast in Eastern Samar.
The projects under the PRDP will be implemented under the Department of Agriculture.
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