Philippines Agrees $1.14bn in Loans with World Bank for Environment, Farming
Editor
27 June 2023 22:39 WIB
TEMPO.CO, Manila - The Philippines on Monday, June 26, said it had signed four loan agreements with the World Bank totaling $1.14 billion, including $750 million of budgetary support for policy reforms to boost environmental protection and climate resilience.
The agreements also include $276 million of funding support for two projects aimed at developing the agriculture and fisheries sectors, and $110 million in financing for improving education quality, according to the Philippines' finance department.
The Southeast Asian country is looking to transform its long-neglected farm sector into an engine of growth.
President Ferdinand Marcos Jr, who is also the agriculture minister, has vowed to undertake reforms to improve the productivity of the sector, which in recent years accounted for about a tenth of the gross domestic product.
REUTERS
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