World Bank okays $170-m loan
THE board of executive directors of the World Bank has approved $170 million in additional financing for the Philippine Rural Development Project designed to boost rural incomes and reduce poverty in the country.
Jointly implemented by local government units and the Department of Agriculture, the additional financing will support development of rural infrastructure such as roads, bridges, communal irrigation systems, potable water supply, solar dryers, greenhouses, and composting facilities.
Over 400,000 rural residents are estimated to directly benefit from the project’s infrastructure initiatives, and another 100,000 from the development of rural enterprises.
“The PRDP is one of the most innovative projects of the Philippines,” Mara Warwick, World Bank country director for Brunei, Malaysia, Philippines, and Thailand, said in a statement Friday.