MANILA, Philippines -- The World Bank (WB) said on Friday that it has approved an additional 170 million U.S. dollars to fund projects designed to boost rural incomes and reduce poverty in the Philippines.
In a statement, the WB said its board of executive directors has approved the new funding for the Philippine Rural Development Project (PRDP) to support the development of rural infrastructures such as roads, bridges, communal irrigation systems, potable water supply, solar dryers, greenhouses and composting facilities.
More than 400,000 rural residents are estimated to directly benefit from the project's infrastructure initiatives, and another 100,000 persons would benefit from the development of rural enterprises, the WB said.
"The PRDP is one of the most innovative projects of the Philippines," said Mara Warwick, World Bank country director for Brunei, Malaysia, Philippines and Thailand.
Warwick said the PRDP helps to consolidate and efficiently plan programs and activities that alleviate poverty in rural areas.
Targeting at least 2 million farmers and fisher-folk, the Philippine government developed PRDP in 2014 to improve rural infrastructure and support small business and livelihood projects across the country. The World Bank provided a loan and grant package amounting to 501 million U.S. dollars.
The bank said hundreds of projects have been approved for the PRDP, including 232 projects that will deliver 1,700 km of roads and bridges, 100 post-harvest facilities, 18 small-scale irrigation facilities encompassing 1,800 hectares, and 512 enterprise projects with some 100,000 direct beneficiaries.
Source: NAM NEWS NETWORK