WB approves $250 mln loan for post-typhoon reconstruction in Philippines

13:45, May 21, 2010      

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The World Bank (WB) approved 250 million U.S. dollars loan to finance the Philippine recovery and reconstruction efforts from the two strong typhoons that hit the country late last year, according to a statement issued by WB in Malina on Friday

The loan will help cushion the economic and social impacts of the typhoons Ketsana and Parma. It is a quick disbursing loan that can be used by the government to speed up reconstruction.

"The loan will support the Philippine government's reconstruction plan and will help overall growth and poverty alleviation," World Bank Country Director Bert Hofman said in the statement.

The WB also approved 8.64 million U.S. dollars grant to support the Philippine government's Integrated Organic Pollutants Management Project (IPOP).

IPOP aims to reduce human and environmental exposure to harmful persistent organic pollutants (POPs) such as furans and dioxins that are known to cause cancer.

"The grant will help improve the country's management of air quality and reduce waste and land contamination," Hofman said.

"It will assist national and local government efforts to improve sanitation by assisting in the closure of open dumpsites and improving garbage collection services to replace unsafe burning practices," he added.

The grant will be coursed through the Global Environment Facility Trust Fund.



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