World Bank approves 750 mln USD loan to boost Philippine recovery-Xinhua

World Bank approves 750 mln USD loan to boost Philippine recovery

Source: Xinhua

Editor: huaxia

2024-06-29 16:05:30

MANILA, June 29 (Xinhua) -- The World Bank said on Saturday that it has approved a 750-million-U.S. dollar loan to strengthen the Philippine economy's recovery.

The Philippines Second Sustainable Recovery Development Policy Loan supports reforms that increase investment in public service sectors, attract private investment in public infrastructure, particularly in domestic shipping, promote renewable energy, protect the environment and improve climate resilience.

World Bank Senior Economist Ralph van Doorn said the Philippine economy remains resilient despite ongoing global and domestic challenges. "The reforms supported by this lending program, if implemented, will encourage private investment, innovation, and sustained growth," he said.

Through these reforms, Van Doorn said the Philippines can transition faster to a greener economy and achieve its environmental and climate objectives.

Given the Philippines' archipelagic nature, he added that marine transport is critical for trade and connecting its numerous islands and destinations, enabling efficient movement of goods and products.

Van Doorn said attracting more local and foreign investments in domestic shipping can significantly boost the country's competitiveness.

The loan also supports reforms that aim to enhance plastic waste reduction, recovery, and recycling; promote green transportation; and encourage the production and consumption of environment-friendly goods and services through public procurement.