World Bank OKs $900 million loans for pandemic recovery

The World Bank has approved a 900-million-dollar fund for two projects intended to support reforms to help in the country’s recovery from the pandemic.

The 600-million-dollar Promoting Competitiveness and Enhancing Resilience to Natural Disasters Development Policy Loan will support reforms to hasten the adoption of digital technologies, promote business competition and reduce the cost of doing business.

This is aimed at helping small and medium enterprises bounce back from the pandemic, help citizens cope with social distancing measures and other health protocols, and improve delivery of social assistance to the most disadvantaged groups in society.

The second project is the 300-million-dollar additional financing for KALAHI-CIDSS National Community Driven Development Project of the Department of Social Welfare and Development in poor rural communities.

This will provide grants for community-identified and managed responses.

Source: https://www.philstar.com/business/2020/12/18/2064518/world-bank-oks-900-million-loans-pandemic-recovery

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