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World Bank approves $1.25 billion loans for the Philippines

Reuters
·1-min read
2023 Spring Meetings of the World Bank Group and the International Monetary Fund

MANILA (Reuters) - The World Bank said on Saturday its board of executive directors has approved $1.25 billion in loans for the Philippines' education and public infrastructure sectors.

In a statement, the World Bank said it will extend a $500 million loan for a Philippine project aiming to repair disaster-hit schools in provinces and improve their capacity to operate even after being battered by natural disasters.

The World Bank also approved a $750 million loan to support reforms that increase investment in public service infrastructure and promote renewable energy, it added.

(Reporting by Neil Jerome Morales; Editing by Andrew Heavens)