March 26, 1999
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| March 26, 1999 | atimes.com | |
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| Southeast Asia Philippines gets about $4.5 billion from World Bank-led donors Tokyo - The Philippines will receive about $4.5 billion in aid under a plan announced by a group of governments and agencies, led by the World Bank. The money - a mix of grants and loans - will finance education, housing, health care, agriculture and environmental protection. The donors, meeting in Tokyo, didn't immediately say how much money is available now, or how much each lender will contribute. The aid is the latest in a stream of loans by the World Bank to the Philippines, which is grappling to revive its economy from recession. In December, the bank approved three loans worth $600 million to strengthen the banking industry and boost agricultural production. On Tuesday, the bank approved a $100 million loan to ''strengthen fiscal decentralization and local self-reliance'' in the country. The Philippines also stands to benefit from an Asian Development Bank $3.06 billion aid program that will guarantee debts of recession-struck economies. The program - unveiled on Tuesday - is designed to help the Philippines, Indonesia, South Korea, Malaysia and Thailand raise money for programs to protect the environment. (Bloomberg) | |||||||||
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