A total of 20 pipeline loans amounting to $5.68 billion are expected to be signed between the Philippines and the World Bank Group in the next few years, according to the Department of Finance (DOF).
In a statement yesterday, the DOF said the Philippine delegation in Morocco recently met with the Bank’s top officials to discuss the Philippines’ sustainable development projects in the pipeline.
No details were given about the 20 pipeline loans, however the DOF said World Bank Group managing director for operations Anna Bjerde discussed with the Philippine officials the programs and projects being considered for financing from fiscal year 2024 to 2025 onwards.
These include projects in digital transformation, disaster risk management, climate, transportation, and energy, among others.
The Philippines currently has a total of 18 ongoing loans with the World Bank amounting to $5.701 billion, including six loans worth $2.336 billion signed within the administration’s term.
According to the DOF, Bjerde reiterated the Bank’s interest in exploring partnerships and private capital mobilization opportunities with the Philippines on digitalization and renewable energy.
The World Bank is the Philippines’ third largest official development assistance partner with loan and grant commitments totaling $6.8 billion, which are used to fund the country’s overall development agenda.
Bjerde shared the operational complex of the World Bank Group is keen on finding ways to speed up the approval processes and execution of the Bank’s projects, which is key to ensuring that countries benefit sooner and development objectives are delivered quicker and better.
Meanwhile, finance secretary Benjamin Diokno discussed with World Bank officials updates on the Philippines’ growth outlook, as well as ways the Bank can support reforms in digitalization, water and sanitation, health, education, rural development, energy transmission and public-private partnerships.
Diokno also urged the World Bank Group and other public and private stakeholders to make financing for climate projects more accessible, especially for countries hardest hit by climate-related hazards.
“(We) call on the Bank to improve concessional financing for climate adaptation and mitigation projects in pursuit of climate justice,” Diokno said.
With the Philippines being a climate-vulnerable country, Diokno urged multilateral development banks to improve the concessionality of financing for climate adaptation and mitigation projects in support of the investment requirement for the global transformation to a low-carbon economy.
