World Bank Allocates USD700M to Enhance Philippines' Disaster Resilience
(MENAFN) The World Bank has committed $700 million to a major initiative aimed at enhancing the Philippines' ability to withstand natural disasters and climate-related threats.
In a press release issued Thursday, the World Bank announced that around 18 million households across the country are projected to benefit from improved protection against natural calamities. The support will focus on strengthening community-driven planning and expanding investments in resilient infrastructure.
The total funding for the initiative amounts to $874.35 million. Of that, $700 million will come in the form of a loan from the International Bank for Reconstruction and Development, a lending arm of the World Bank. The remaining $174.35 million will be funded by the Philippine government.
Describing the urgent need for action, the World Bank noted that the Philippines ranks highest on the World Risk Index, citing its extreme vulnerability and regular exposure to severe weather events. This ranking underscores the country’s status as one of the most disaster-prone nations globally.
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