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World Bank Will Lend The Philippines $1B by September

  • The World Bank will extend three more loans worth around $1 billion to the Philippines by September to assist in COVID-19 response and recovery efforts.
  • The DOF stated that the concessional financing extended by the Washington-based multilateral lender to the Philippines since April for the fight against COVID-19 had reached $1.2 billion.
  • Overall lending to the Philippines amounted to $1.9 billion from June last year until June this year.
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Metro Manila • By September, the World Bank will extend three more loans worth around $1 billion to the Philippines to assist in COVID-19 response and recovery efforts, the Department of Finance said Friday.

In a statement, the DOF stated that the concessional financing extended by the Washington-based multilateral lender to the Philippines since April for the fight against COVID-19 had reached $1.2 billion.

Up to the present, the following COVID-19 related World Bank loans have already been disbursed to or injected into the Philippines budget: 

  • a $500-million emergency COVID-19 response development policy loan;
  • a $500-million third disaster risk management development policy loan;
  • and a $200-million additional financing for the second social welfare and development project.

Ndiame Diop, the newly appointed country director of the World Bank for Brunei, Malaysia, the Philippines, and Thailand, noted during a virtual meeting with Finance Secretary Carlos G. Dominguez III and other top officials of the Duterte administration’s economic team last week that overall lending to the Philippines amounted to $1.9 billion from June last year until June this year.

“Moving forward, the pipeline is really strong with nine projects, many of which are geared towards supporting the government’s effort to address the crisis as well as helping to recovery,” Diop said.

Diop said the three projects now in the pipeline were “expected to be approved by September,” worth nearly $1 billion.

In addition to financing the COVID-19 response and large-scale infrastructure projects, Diop said the World Bank has been strongly committed to supporting the Philippines on the reform agenda, the policy side.

Dominguez thanked Diop, saying that “it has been very challenging for the Philippines and we are very happy that the World Bank has been very responsive to our needs and has provided us with sound advice during this difficult period.”

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