World Bank grants $170 M new loan to PH
This six-year project run by the government looks more promising than ever.
The World Bank has given another $170 million in funding for the Philippine Rural Development Project (PRDP) in a vote of confidence on the ability to reduce poverty in the country.
In a statement, the World Bank said its Board of Executive Directors approved the additional funding for the Philippines, which will be utilized by the Department of Agriculture together with local government units.
The program will build rural infrastructure such as roads, bridges, communal irrigation systems, potable water supply, solar dryers, greenhouses, and composting facilities.
“The PRDP is one of the most innovative projects of the Philippines,” said World Bank Country Director Mara K. Warwick.
“The PRDP helps to consolidate and efficiently plan programs and activities that alleviate poverty in rural areas,” Warwick added.
Over 400,000 Filipinos living in rural areas will directly benefit from these projects, while another 100,000 stand to gain from developing rural enterprises.
Previously, the World Bank gave $501 million worth of loans and grants when the PRDP in 2014.