World Bank Rural Development Loan Approval Expected Soon
The World Bank is expected to approve a $ 280 million loan from a facility known as Second Supplementary Financing (AF2), which will support agricultural enterprises and rural infrastructure works under the Philippines Rural Development Project. (PRDP), the Ministry of Agriculture (DA) mentioned.
Agriculture Secretary William D. Dar said in a statement on Sunday that the $ 280 million loan includes a European Union (EU) co-financing grant worth $ 18.3 million. euros.
Mr Dar said the World Bank is expected to approve the AF2-EU loan on June 17 with an official signing slated for July.
“AF2 is the second tranche of the World Bank’s $ 450 million funding as approved by the Philippine Government’s Investment Coordination Committee in 2016. It aims to scale up activities and improve benefits and impacts of the PRDP, ”Dar said.
“The additional PRDP funding will meet the growing demand for rural infrastructure by local government units (LGUs), as well as investments in business development and technical assistance by groups of farmers, fishermen and agro-industries, ”he added.
The DA said the key to approval is the assessment of subprojects completed under the PRDP by the 12th.e World Bank implementation support mission from May 24 to June 10.
According to the DA, the government proposed the PRDP in 2014, which was approved for a package of loans and grants worth $ 501 million.
Shandy M. Hubilla, deputy director of DA’s PRDP project, said the program had rolled out 1,091 projects in 78 provinces and had benefited 766,200 households as of April 30.
“In the area of infrastructure, the PRDP has built more than 1,200 kilometers of roads, more than 1,000 linear meters of bridges, 98 pre- and post-harvest facilities, provided drinking water systems to 6,582 households, improved irrigation or drainage for 1,997 hectares of agricultural land and carried out more than 400 business sub-projects, benefiting 81,000 households, belonging to 567 groups of promoters, ”the DA said. – Revin Mikhael D. Ochave