World Bank OKs $100M loan for PH COVID-19 response
MANILA, Philippines — The World Bank on Thursday said it has approved a $100 million loan to aid the Philippines in its fight against the coronavirus disease (COVID-19) pandemic.
The World Bank said the loan will be used for the Philippines’ COVID-19 Emergency Response Project which will be implemented by the Department of Health (DOH).
The project focuses on providing personal protective equipment (PPE) such as goggles, gloves, gowns; drugs such as antivirals, antibiotics, essential medicines, and other medical supplies to frontline health facilities.
Further, the project will also support the retrofitting of the Research Institute for Tropical Medicine (RITM) and six sub-national and public health laboratories in the country. Likewise, the project will also support the preparation of a standard design for hospital isolation and treatment centers.
“Boosting the country’s capacity to respond to COVID-19 will save lives,” Achim Fock, World Bank Acting Country Director for Brunei, Malaysia, Philippines, and Thailand, said in a statement.
“The government has taken quick and decisive action in the fight against the COVID-19 pandemic and the World Bank is proud to support its efforts. Right now, no other investment offers greater return,” Fock added.
The World Bank’s Board of Executive Directors earlier approved $500 million financing to help strengthen the Philippine government’s capacity to address disaster risks, respond to and recover from natural disasters as well as address urgent needs created by the COVID-19 crisis.
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