By Marianne Go
Philippine Star
The
World Bank is drawing up a new Country Assistance Strategy (CAS) for the
Philippines that would provide funding support of between $700 million to $1 billion annually over the next three years.
The International Finance Corp., the private sector financing arm of the bank, is also expected to contribute additional funding of up to $300 million per year in specific areas such as infrastructure, agribusiness and the financial sector.
Another member of the World Bank Group, the Multilateral Investment Guarantee Agency (MIGA), will provide guarantees to foreign investors against losses caused by non-commercial risks, as well as technical assistance to help countries disseminate information on investment opportunities.
In a statement, the World Bank said the new CAS for the Philippines aims to achieve growth for the poor and would support the government in pursuing macroeconomic stability, help improve the investment climate, and allow the government to provide better public service delivery for the poor.
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