World Bank to provide 700-mln-USD loan to boost Philippines' resilience to natural disasters

MANILA, Aug. 1 (Xinhua) -- The World Bank has said it will provide 700 million U.S. dollars for a project to strengthen the Philippines' resilience to natural disasters and climate change.

Approximately 18 million households in the Philippines are expected to become less vulnerable to natural disasters in the coming years, due to enhanced community-led planning and infrastructure investments, the World Bank said in a press release on Thursday.

Of the total 874.35 million dollars, the World Bank will provide 700 million dollars through an International Bank for Reconstruction and Development loan. The Philippine government will provide the remaining 174.35 million dollars.

The Philippines ranks at the top of the World Risk Index due to its high vulnerability and exposure to cyclical extreme events, making it one of the most disaster-prone countries in the world, the World Bank said.