THE WORLD BANK has approved a $1.02-billion loan to support Philippine reforms aimed at accelerating clean energy deployment, strengthening electricity markets, and improving water management.
In a statement on Monday, the World Bank said it approved the Second Energy Transition and Climate Resilience Development Policy Loan (DPL) last week to help address the high and volatile cost of electricity in the country.
The DPL is comprised of a $1-billion loan from the International Bank for Reconstruction and Development (IBRD) and a $20-million performance-based grant from the Livable Planet Fund.
“(This) is among the largest IBRD operations the World Bank Group has approved in support of the Philippines’ development agenda,” the multilateral bank said, adding that this was shaped by consultations with relevant government agencies, the private sector, utilities, consumer groups, civil society organizations, and local government units.
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