World Bank extends $500-M loan to Phl in rebuilding Yolanda-hit areas

MANILA, Philippines - The World Bank Group is mobilizing US$500 million in loan to support the country's reconstruction efforts from the massive devastation caused by Super Typhoon "Yolanda."

The Washington-based lender said the emergency loan, which was requested by the Philippines, is being finalized to support the rebuilding of affected areas.

“In the aftermath of the typhoon, we have seen courageous efforts by the people of the Philippines to get back on their feet,” World Bank Group President Jim Yong Kim said in a release. “We are committed to supporting the government in its effort to recover and rebuild, and to help Filipinos strengthen their resilience against increasingly frequent extreme weather events.”

The World Bank Group said it is also ready to provide additional support including through the conditional cash transfer program that provides funds to poor families.

It added that global disaster experts will be deployed and members of a technical team from the will go to the Philippines to help the government assess the typhoon's damage and gather information for a comprehensive reconstruction plan.

“Given the scale of this disaster, the country will need a long-term reconstruction plan. We can bring lessons learned from our work in reconstruction after disasters hit Aceh, Haiti, and other areas that might be helpful in the Philippines,” said Axel van Trotsenburg, World Bank Vice President for East Asia Pacific. “Remote sensing images are being obtained for use by the assessment team in geo-mapping activities to help determine the cost of the destruction.”

The Bank said it is also providing technical assistance on disaster resistant design options for housing, health facilities, schools, and public markets that can resist severe flooding and withstand powerful winds such as those from Yolanda.

“In the midst of this terrible tragedy, the Government is determined to build more resilience into homes, buildings and roads to reduce risks in the future, which is critical in a country that is subject to an increasing number of severe weather events,” said Mr. Motoo Konishi, World Bank Philippines Country Director.