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WB, IFC pledge 4.2 billion USD credit to Philippines

The World Bank Group and its member International Financial Corporation (IFC) will provide loans of up to 4.2 billion USD to aid the Philippines’ efforts to reduce poverty, general jobs and sustain growth as the country recovers from the impact of a devastating typhoon and separatist rebellion.
The World Bank Group and its member International Financial Corporation(IFC) will provide loans of up to 4.2 billion USD to aid thePhilippines’ efforts to reduce poverty, general jobs and sustain growthas the country recovers from the impact of a devastating typhoon andseparatist rebellion.

Of the loans, the WB will provide 3.2billion USD in development financing to the Philippine government, whilethe IFC will offer 1 billion USD for investment in business andindustry under a 2015-18 aid programme, WB President Jim Yong Kim said.

Earlier,the WB President announced a separate assistance worth 528 million USDfor the country’s rural development project this year to boost theincome of farmers and fishermen. The assistance includes 62 million USDfor areas hit by Typhoon Haiyan last year.

The project alsocovers upgrade and construction of roads, bridges, and irrigation andpotable water systems in the turbulent southern Philippines.

Dueto the impact of Typhoon Haiyan and an earthquake during the lastquarter of 2013, the Philippines registered a growth rate of 5.7 percentin the first quarter of this year, down from 7.7 percent for the sameperiod last year and 6.3 percent in the last quarter of 2013.

TheWB has lowered the forecast for overall global growth from 3.2 percentto 2.8 percent, but maintained its prediction of a 6.4 percent growthfor the Philippines.-VNA
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