WB releases $496.25M to help PH
To aid the government’s reconstruction and rehabilitation efforts in areas devastated by Typhoon “Ompong” (international name: Mangkhut) last month, the World Bank has released the standby $496.25-million loan facility and extended its validity.
“We express our sympathies to all the Filipino people affected. Natural disasters can exacerbate poverty through loss of lives, livelihood, property and infrastructure, and can roll back years of development gains. They disproportionately disrupt the lives of poor and vulnerable people, particularly women, the elderly and children. We want them to know the World Bank supports the country’s efforts to address their needs,” Mara K. Warwick, World Bank country director for Brunei Darussalam, Malaysia, Philippines and Thailand, said in a statement Tuesday.
As such, the Washington-based multilateral lender gave access to the contingent credit line approved in 2015 dubbed Second Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (Cat-DDO 2), which “will give the Philippine government flexibility to help families and communities recover, reconstruct vital infrastructure (such as roads, bridges, schools and hospitals), and restore basic social services.” —BEN O. DE VERA
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