Gov’t seeks $2.8B in World Bank loans | Inquirer Business
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Gov’t seeks $2.8B in World Bank loans

By: - Reporter / @bendeveraINQ
/ 04:08 AM January 18, 2021

The Philippines is on track to borrow at least $2.8 billion (more than P134 billion) from the World Bank across 14 project loans in the pipeline to cover procurement of COVID-19 vaccines and other developmental projects during the next couple of years.

As earlier reported by the Inquirer, the Philippines is seeking an additional financing of $300 million for the COVID-19 Emergency Response Project, which will augment the Department of Health’s funds for vaccine purchases.

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The World Bank data showed that the biggest loan being sought by the Philippines in the near term included $400 million for the Pasig-Marikina River Basin Flood Management Project, which will cover more than half of the $700-million cost of the Department of Public Works and Highways (DPWH)-led project.

The DPWH’s $309.5-million Seismic Risk Reduction and Resilience Project will also be mainly financed by the World Bank, which committed to shoulder $300 million.

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The Department of Agriculture has three upcoming projects up for World Bank lending: $280 million for the $361.83-million Rural Development Project Second Additional Financing; $200 million for the $220-million Fisheries and Coastal Resiliency Project, and $100 million for the $110-million Mindanao Inclusive Agriculture Development Project.

State-run National Power Corp. and Power Sector Assets and Liabilities Management Corp. (PSALM) are also awaiting a $300-million loan to cover the entire cost of the Agus-Pulangi Hydropower Complex Rehabilitation Project, on top of a $700,000 project preparation facility so Napocor can prepare the feasibility study and tender documents.

Two of the Department of Education’s projects will also be funded by World Bank loans: $200 million for the $210-million Strengthening Alternative Learning System for All plus $110 million for the $120-million Teacher Effectiveness and Competencies Enhancement Project.

A World Bank loan will likewise cover the entirety of the Department of Finance’s $200-million First Financial Sector Reform Development Policy Financing.

The bulk or $150 million of the Department of Tourism’s $170.5-million Sustainable, Inclusive and Resilient Tourism Project will come from the World Bank.

Also, the Washington-based multilateral lender will finance the $200-million Philippines Multisectoral Nutrition Project as well as the $65-million Civil Service Modernization and Human Resource Management in the Philippines Project. INQ

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TAGS: Business, World Bank loans
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