World Bank okays P13.5B rural loan

The World Bank approved a US$280-million (P13.5-billion) additional financing and 18.3 million euro (P1.054-billion) grant to the Philippine Rural Development Project that will support 267 climate-resilient rural infrastructure and 287 enterprise development sub-projects to boost rural incomes.

The Washington-based multilateral lender said in a statement Friday more than 300,000 rural residents would directly benefit from the fresh rounds of fundings.

The additional financing aims to address climate vulnerability in agriculture through a range of investments, including rural roads designed to withstand adverse weather events to ensure uninterrupted connectivity and access to markets.

The assistance will also fund communal irrigation sub-projects to address water scarcity and avoid the risk of large-scale crop failure. Other programmed investments include warehouse facilities and solar dryers to prevent post-harvest crop losses, and greenhouses to protect selected crops from extreme heat and support improved water management. 

Topics: World Bank , Philippine Rural Development Project , rural infrastructure
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