World Bank to finance Philippine Rural Development Project amounting to USD508 million

During the Daylight Dialogue: The Good Governance Challenge, hosted by Malacanang Palace Tuesday, July 15 – World Bank President Jim Yong Kim recognized Philippines in four major areas: peace and development, poverty reduction, climate change, and good governance.

“The Philippines gets hit by more disasters than most other countries and because of that it has become recognized as a global leader in building resilience and adaptation to climate change and natural disasters,” Jim Yong Kim said.

The World Bank President was also impressed with the country “as a founding member of the Open Government Partnership promoting open data and a new open reconstruction portal to provide information on typhoon rebuilding projects.”

This portal was provided by the government to provide information regarding the funds being used in the rehabilitation projects for the Yolanda-hit areas.

“The Aquino administration has set ambitious targets to reduce poverty, by 2.3 percent a year from 2014 to 2016 and we support that,” Jim Yong Kim stated.

Jim Yong Kim also assures that World Bank will provide “US$119 million in new financing for farm-to-market roads, bridges, communal irrigation systems, and potable water in Mindanao.”

Jim believes that “When there is no peace, there is no prosperity.” The reason why the World Bank will be bringing in development projects in Mindanao.

The said funding is part of US$508 million Philippine Rural Development Project (PRDP) of World Bank.

Jim Yong Kim also said during the forum that Philippines could be the next miracle of Asia.

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