The board of directors at the World Bank has given their approval for $1.25 billion in new loans. These loans will be used to support two important projects initiated by the Philippine government.
The first project aims to ensure the safety and resilience of schools, while the second project focuses on bolstering economic recovery.
World Bank Approves $1.25 Billion Loans for Philippines
According to Reuters, the World Bank has announced its commitment to providing a $500 million loan for a project in the Philippines.
The World Bank has recently approved a substantial loan of $750 million to support important reforms aimed at boosting investment in public service infrastructure and encouraging the use of renewable energy sources.
This funding will play a crucial role in driving sustainable development and addressing pressing global challenges.
In a statement, the bank announced its decision to provide a $500-million loan for the Infrastructure for Safer and Resilient Schools Project. This project aims to provide assistance in the reconstruction of schools that have been severely affected by recent earthquakes and typhoons in the affected regions.
"Education is a key component of human capital development. By improving the learning environment and making schools safer, children are more likely to attend classes, perform better academically and complete their education," stated Ndiamé Diop, the World Bank country director for Brunei, Malaysia, the Philippines, and Thailand.
World Bank Praises Philippines' Resiliency
The project aims to provide funding for the necessary repairs, rehabilitation, retrofits, reconstruction, and site improvements for schools that have been severely affected by natural disasters.
These initiatives are focused on improving the learning environments for more than 700,000 students, with a significant portion being girls, Manila Standard reported.
The project will focus on areas that have experienced extensive damage and are at high risk in terms of school infrastructure. These areas include the Cordillera Administrative Region, Caraga, Central Luzon, Bicol Region, Western Visayas, Central Visayas, Eastern Visayas, Davao Region, and Soccsksargen.
This loan aims to facilitate reforms that will enhance investment in public service sectors, encourage private investment in public infrastructure, with a specific focus on domestic shipping, foster the growth of renewable energy, safeguard the environment, and enhance climate resilience.
According to World Bank senior economist Ralph Van Doorn, the Philippine economy continues to demonstrate resilience in the face of both global and domestic challenges.
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