MANILA, Sept 14 (Reuters) - The Philippines has been given a ${esc.dollar}500 million line of credit from the World Bank to help it better prepare for typhoons, earthquakes and floods, and to provide emergency relief and rebuild infrastructure after calamities.
The Philippines is among the most vulnerable countries in the world to natural disasters. An average of 20 typhoons hit the country every year, causing death and destroying infrastructure, property and crops.
The loan facility will provide the country immediate access to funding for emergency relief, recovery and reconstruction efforts following a major natural disaster, the World Bank said in a statement.
"The poor are among the most at risk from natural disasters. Reducing their vulnerability to disasters forms an important part of our assistance strategy for the country," World Bank Country Director Bert Hofman said.
Manila would only be able to draw on the facility once the President declared a "state of calamity." The drawdown period is three years, and renewable up to four times for a total of 15 years. (Reporting by Karen Lema; Editing by John Mair)
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.
comments powered by Disqus