The World Bank gave a boost to the Philippine government’s capacity building in addressing the urgent needs posed by the coronavirus disease (COVID-19) pandemic wreaking havoc on the local economy.
The Washington-based lender announced that it approved a $500-million loan for the government’s efforts during the COVID-19 crisis as well as support its disaster risk response and recovery programs from natural disasters.
According to the World Bank, the fresh loan is its third risk management development policy loan, which is part of the lender’s support to the Philippines’ resilience and capability policy reforms.Achim Fock, World Bank acting country director for the Philippines, said the loan will support the government’s project aimed at strengthening the nation’s institutional framework for disaster risk management.
“The World Bank is committed to supporting efforts to strengthen the Philippines’ capacity to prepare for and respond to natural disasters as well as health and economic shocks like COVID-19,” Fock said. The World Bank expects the Philippines will use the funds to create a unified disaster rehabilitation and recovery planning framework for the national government and local government units.
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