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By Darwin G. Amojelar Reporter
The World Bank (WB) on Wednesday
announced it has committed itself to increase annual lending to the
Philippines, citing the country’s improved macroeconomic
situation.
Bert Hofman, WB country director
for the Philippines, said it may lend between $850 million and $900
million a year depending on the government’s funding requirements.
“The macroeconomic situation
[in the Philippines] is not so bad. We look at variety of options on
where we can support the Philippines,” Hofman told reporters on
the sidelines of WB’s development program, “Panibagong Paraan
2008.”
The Washington-based lender had
increased support to the Philippines from $100 to $200 million per
year to $410 and $395 million for 2006 and 2007, respectively.
Hofman said WB will fund
government’s infrastructure projects in agriculture sector such as
“[the country’s] irrigation project that is important for the
rice issue.”
WB’s total loan commitment to
the Philippines stood at $1.8 billion as of last year.
Earlier, the government had
proposed projects worth $1.665 billion that may be funded by the
international lender for fiscal years 2007 to 2009.
Of the total, $260 million would
be programmed for the Light Rail Transit Line 1 South Extension
Project; $125 million for the Development Support for Metropolitan
Waterworks and Sewerage System’s (MWSS) Financial Strengthening;
$250 million for the National Transmission Corp.’s Private Sector
Development Support; $18 million for the Bicol Power Restoration
Project, and $100 million for the Power Sector Development Support
for Rural Power.
Also on the list are the
$100-million local government Urban Water and Sanitation Project
Phase III; National Program Support for Environment and Natural
Resources Management, $50 million; National Program Support for
KALAHI-CIDDSS 2, $100 million and Support for Regional and Local
Water Supply, $50 million.
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