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July 14, 2024

Philippines secures $600M World Bank loan to boost agriculture and fisheries sector

The Philippines has signed a $600 million loan agreement with the World Bank to improve the agriculture and fisheries sector through public infrastructure intervention.

The loan aims to enhance farmer and fisherfolk access to markets and improving efficiency in the food supply chain.

In addition, it will fund the Philippine Rural Development Project Scale-Up, which will benefit around 450,000 farmers and fisherfolk, generate 42,000 new jobs, and cover 16 regions across the country.

The total World Bank development assistance loan and grant commitments to the Philippines now amount to approximately $7.95 billion.