{"id":26954,"date":"2020-12-17T12:45:20","date_gmt":"2020-12-17T11:45:20","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=26954"},"modified":"2021-10-07T00:23:42","modified_gmt":"2021-10-07T00:23:42","slug":"world-bank-approves-900m-in-loans-to-philippines","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/world-bank-approves-900m-in-loans-to-philippines\/","title":{"rendered":"World Bank approves $900m in loans to Philippines"},"content":{"rendered":"<p><strong>By Xinhua<\/strong><\/p>\n\n\n<p>The World Bank has approved two project loans worth 900 million dollars to support the Philippines\u2019 efforts to recover from the COVID-19 pandemic and improve competitiveness.<\/p>\n\n\n<p>Ndiame Diop, the World Bank Country Director for Brunei, Malaysia, Philippines and Thailand, disclosed this in Manila that the loan will also be used to build resilience against shocks and natural disasters.<\/p>\n\n\n<p>The first 600 million-dollar project will support reforms meant to hasten the adoption of digital technologies, promote greater competition, and reduce the costs of doing business to revive more economic activities and jobs.<\/p>\n\n\n<p>These will help small and medium-sized enterprises bounce back from the coronavirus epidemic and help citizens cope with social distancing measures and other health protocols.<\/p>\n\n\n<p>They will also help to improve the delivery of social assistance to the most disadvantaged groups in society, the bank said.<\/p>\n\n\n<p>\u201cReforms to improve digital infrastructure and speed up adoption of digital technologies will not only help the country\u2019s efforts to recover from the impacts of the pandemic but will also boost its export competitiveness.<\/p>\n\n\n<p>\u201cThis will be vital for creating more and better jobs in the future,\u201d Diop said.<\/p>\n\n\n<p>The bank said the second 300 million-dollar project will help to address poverty in poor rural communities.<\/p>\n\n\n<p>According to the bank, the additional funding will provide grants to finance community-identified and community-managed responses that restore or improve basic social services to address the impact of the COVID-19 pandemic.<\/p>\n\n\n<p>It will also help to address the impact of other disasters that affect the poorest and most vulnerable municipalities.<\/p>\n\n\n<p>Using community-driven development, the bank said poor communities are expected to organise themselves, analyse their situation, prepare project proposals to address common problems, and compete for block grants to finance their projects.<\/p>\n\n\n<p>In the COVID-19 context, the bank said the communities can secure funding for isolation facilities, improvements in water and sanitation, and construction or upgrading of health stations.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-26954\" data-postid=\"26954\" class=\"themify_builder_content themify_builder_content-26954 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>By Xinhua The World Bank has approved two project loans worth 900 million dollars to support the Philippines\u2019 efforts to recover from the COVID-19 pandemic and improve competitiveness. Ndiame Diop, the World Bank Country Director for Brunei, Malaysia, Philippines and Thailand, disclosed this in Manila that the loan will also be used to build resilience [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[21],"class_list":["post-26954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-world-bank","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>World Bank approves $900m in loans to Philippines - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/world-bank-approves-900m-in-loans-to-philippines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank approves $900m in loans to Philippines - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"By Xinhua The World Bank has approved two project loans worth 900 million dollars to support the Philippines\u2019 efforts to recover from the COVID-19 pandemic and improve competitiveness. 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