Phl gets $1.25-B WB funding for disaster

Phl gets $1.25-B WB funding for disaster | Daily Tribune

The World Bank (WB) has approved a total of $1.25 billion in loans for the Philippines to be used for disaster resilience of schools and better policies on green infrastructure.

The multinational lender said the loans for both projects were approved by the World Bank’s Board of Executive Directors on Friday.

First, the bank allotted $500 million for the Infrastructure for Safer and Resilient Schools Project.

The amount will be used for repair, rehabilitation, retrofitting, reconstruction, and site improvements of schools that were severely affected by earthquakes and tropical cyclones in recent years.

The World Bank said there will be 700,000 students who will benefit from this project, providing them with a comfortable learning environment.

“Education is a key component of human capital. By improving the learning environment and making schools safer, children are more likely to attend classes, perform better academically, and complete their education,” World Bank Country Director for the Philippines Ndiamé Diop.

Priority areas for this project are the Cordillera Administrative Region, Caraga, Central Luzon, Bicol Region, Western Visayas, Central Visayas, Eastern Visayas, Davao Region and Soccsksargen.

Second, the World Bank set another $750 million for the Second Sustainable Recovery Development Policy Loan.

It said that this loan is critical in creating reforms that will encourage more investments in public infrastructure, especially in domestic shipping and renewable energy.

With an efficient domestic shipping system, he said goods can be transported faster to the markets across the archipelagic Philippines.

“The reforms supported by this lending program, if implemented, will encourage private investment, innovation and sustained growth,” World Bank Senior Economist Ralph Van Doorn said.

With expanded access to renewable energy, he said businesses could help mitigate climate change.

“Through these reforms, the Philippines can transition faster to a greener economy and achieve its environmental and climate objectives,” Van Doorn said.