WB loan to Philippine bank

WB loan to Philippine bank

MANILA (AFP): The World Bank has granted a US$150 million loan
to the state-run Land Bank of the Philippines for relending to
small- and medium-scale businessmen, an official said yesterday.

Land Bank president Jesli Lapus said the Countryside Loan Fund
was the second given to the country since the first loan in 1991
of 5.7 billion pesos ($219 million).

Lapus said the loan was granted under the World Bank's
expanded single currency loan program, which allows the borrower
to receive the money and pay interests in one monetary
denomination.

Small- and medium-scale entrepreneurs can borrow from this
fund either in pesos on in foreign currencies.

The granting of the second loan is based on the successful
implementation of the first fund, which was utilized ahead of
schedule, Lapus said.