World Bank OKs $700-M Loan for PH Resilience Project

The World Bank is providing a $700-million loan to support a project aimed at strengthening communities' resilience to climate change and disaster risks in the Philippines.

- By Louella Desiderio

In a statement yesterday, the multilateral lender said that it would provide a $700-million loan for the Philippines Community Resilience Project, which has a total cost of $874.35 million. The balance of $174.35 million will be funded by the national government.

The project, which will involve community-led planning and investments for infrastructure, is expected to benefit approximately 18 million households through community-led planning and infrastructure investments.

In particular, it will prioritize 500 climate-vulnerable municipalities across 49 provinces in the Philippines. It will also target vulnerable populations including Indigenous Peoples, women and beneficiaries of the Pantawid Pamilyang Pilipino Program or a conditional cash transfer initiative aimed at alleviating poverty.