RP to get US$1.7b in WB loans

RP to get US$1.7b in WB loans

MANILA: The World Bank has earmarked up to US$1.7 billion in loans to the Philippines over the next three years, a bank statement received here said Thursday.

The bank's executive board has approved a three-year assistance strategy for the Philippines to "re-establish a pattern of rapid and sustained poverty reduction," the statement said.

The money would largely go to programs for improving access to basic services such as health, education, water, electricity, as well as credit facilities to help the poor improve their incomes, the statement said.

"To support such initiatives, the World Bank plans to provide about $1 billion in loans to the Philippines over the next three years," the bank statement said.

It added the figure reach $1.7 billion "depending upon the pace of policy and institutional reforms." -- AFP