The Philippines is seeking a fresh $500-million World Bank loan, from which the government can immediately draw money in the aftermath of natural disasters and health emergencies.
The proposed fourth disaster risk management development policy loan with a catastrophe-deferred drawdown option (CAT-DDO) will be the newest addition to the World Bank’s near-term financing pipeline for the Philippines.
Just last year, the Washington-based multilateral lender extended the third of a series of disaster risk management development policy loans, which also amounted to $500 million, partly to be spent on COVID-19 response.
But the loan approved in 2020 did not have a CAT-DDO—defined by …
Keep on reading: PH seeks $500-M contingent credit line from World Bank