December 12, 2021
1 min read

World Bank loans $600mn to boost Philippines’ recovery

The World Bank said the loan will support ongoing government reforms for promoting private investment, reducing the cost of doing business, and expanding broadband service…reports Asian Lite News

The World Bank on Saturday approved a $600 million loan to support the Philippine government’s reform programme to position the Southeast Asian country for a competitive and resilient economic recovery.

The World Bank said the loan will support ongoing government reforms for promoting private investment, reducing the cost of doing business, and expanding broadband services to encourage investments in information and communications technology, reports Xinhua news agency.

According to Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand, these reforms are crucial for addressing immediate and long-term barriers to growth, paving the way for inclusive recovery.

“Reforms that promote competition in broadband and mobile telecommunications will benefit a large portion of underserved populations by increasing coverage and quality of service, increasing their access to markets, as well as access to remote education and health services,” Diop said.

Internet access has been essential during the Covid-19 pandemic as employed individuals have shifted to home-based work, and school-aged children also have relied on distance learning.

“Similarly, reforms that lower the costs of trade and improve the business environment are expected to benefit all firms but especially small and medium enterprises, which will have access to a larger market for their products and services,” Diop added.

ALSO READ: ‘China grabbing Bhutanese territory to outmanoeuvre India’

Previous Story

UAE, Russia foreign trade reach $4 billion in 2021

Next Story

Imran Khan bows to Gwadar protests

Latest from -Top News

BRICS must break the digital chains

BRICS nations need to build consensus, balance innovation and social justice by reinforcing the digital sovereignty of Global South, including evenly distribution of benefits through AI, writes Baidya Bikash Basu BRICS, the

Modi begins landmark Argentina visit

First Indian PM to visit in 57 years; economic ties, lithium and trade top agenda Prime Minister Narendra Modi kicked off a historic visit to Argentina on Saturday by paying homage to

Texas flash floods kill at least 24; Trump vows help

President calls tragedy ‘shocking’ as search for missing continues overnight At least 24 people have died in Kerr County, Texas, after catastrophic flooding swept through the region, prompting a large-scale rescue and
Go toTop

Don't Miss

Thousands under secret surveillance in China

Caster estimated that in 2020, between 10,000 and 15,000 people

Iran nuclear talks — Is West Asia being dragged to the edge of conflict?

The first round of the renewed talks relating to reviving