The World Bank Group and the
International Finance Corp. (IFC) said on Tuesday that they are planning to commit
concessional loans of up to $4.2 billion to the Philippine government in the next four years. The idea of this
project is to to help the country
lessens poverty, create more jobs to
Filipinos and sustain growth and
development as it recovers from the
impact of a devastating typhoon and nationalist rebellion.
The World Bank itself will provide $3.2 billion in financing for
development, while IFC, its private
sector arm, will finance another $1 billion for business and commerce. Aside
from that, the World bank is also investing another $119 worth of
infrastructure and job acquirement
projects in support of the Mindanao peace development. This project
includes roads, irrigations, bridges and water
systems in the turbulent southern Philippines, most particularly in the Muslim rebels and government
conflict-affected areas of ARMM. Kim noted ARMM as one of the poorest region in
the country.
World Bank
Presiden Jim Yong Kim had announced a day earlier that the World Bank Group was
planning a separate fund worth of $528
million rural development project for the farmers and fishermen to help them
increase their income and for the areas hit by Typhoon Haiyan last year. World
Bank President was hopeful about the big
development that the Philippine economy might achieve.
Kim visited Philippines for 2
days and met with President Aquino. They discussed the additional $6.6 million
in World Bank funding for the Mindanao Trust Fund. He believes this project could
result important changes to Mindanao and helps lessen the poverty
in the country.
He also joined in Malacanang’s
“Daylight Dialogue,” where he praised government’s efforts in eliminating
corruption and promoting greater responsibility.
