THE World Bank said Friday it approved a $500 million (P25.2 billion) loan to the Philippines to help the Southeast Asian nation fight the COVID-19 pandemic.
The financing is part of the Washington-based lender’s $14-billion fast-track package to help nations deal with the disease that has killed tens of thousands around the world.
“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,” said Achim Fock, World Bank acting country director for Brunei, Malaysia, Philippines, and Thailand.
“Natural disasters and pandemics disproportionately hurt poor families and communities. Enhancing risk management and the capacity to address these challenges can help ensure that the Philippines can sustain progress in poverty reduction,” he said.
The $500 million loan is part of a broader package that aims to help the Philippines build disaster resilience, the World Bank said.(ABS-CBN News)