PH secures more funding from World Bank for agri enterprise, rural infra subprojects

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Metro Manila (CNN Philippines, June 18) — The World Bank approves additional financing for the country's efforts to foster more income opportunities for residents in rural areas and to increase their productivity.

On Friday (Manila time), the Washington-based lender said it approved a fresh credit line of $280 million (about ₱13.54 billion) along with a grant of €18.3 million (around ₱1.05 billion) for the Philippine Rural Development Project.

The initiative, which shall support over 260 climate-resilient rural infrastructures and more than 280 enterprise development subprojects to boost income sources among locals, aims to benefit over 300,000 residents.

The funding covers investments like rural roads, communal irrigation subprojects, warehouse facilities and solar dryers, and greenhouses, the World Bank said.

The PRDP shall also fortify planning and implementation among local governments and producer organizations, the lender added.

"This project boosts the country's efforts to end extreme poverty and promote shared prosperity by targeting investments in agriculture, which is a major source of livelihood and income in the rural areas," said Ndiame Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand.

Diop also said he hopes the additional funds will cultivate partnerships between farmer groups and commercial buys in terms of investments, leading to better market access and larger income opportunities for rural residents.

The Department of Agriculture, the project's implementing agency, first announced the loan in May

"This integrated planning approach is an important step in merging local priorities and national development programs, thus making the DA and local governments effective partners in the development of the farming and fishing sector," explained World Bank senior agricultural economist Eli Weiss.