World Bank loans Philippines $4.2bn

MANILA – World Bank president Jim Yong Kim says the bank and its private sector arm have committed concessional loans of up to $4.2 billion to the Philippines to help the country reduce poverty, create jobs and sustain growth as it recovers from the impact of a devastating typhoon and separatist rebellion.

Mr Kim said Tuesday the World Bank will provide $3.2 billion in development financing to the government whilethe International Finance Corp., or IFC, will offer another $1 billion for investments in business and industry under a 2015-2018 aid program.

Mr Kim announced a day earlier that the World Bank Group plans a separate $528.25 million rural development project this year to boost the income of farmers and fishermen, including $62 million for areas hit by Typhoon Haiyan last year.

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