The Development Bank of the Philippines (DBP) on Wednesday said it
has approved over P500 million worth of projects under the World Bank
Regional Infrastructure for Growth Project (RIGP).
The World Bank facility “aims to improve physical and economic
integration within and across local government units (LGUs) in
participating provinces and regions by increasing access to finance for
an open menu of local public infrastructure and services,” DBP noted in a
statement.
The projects include “a flood
control and drainage system, acquisition of heavy equipment, an
eco-tourism park, the construction of public markets, and the
construction/modernization of public transport terminals,” DBP said.
Three of the projects are in Mindanao, three in the Visayas, and two in Luzon.
“With P2-billion available for relending, eligible borrowers include
LGUs, public utilities and water districts, and private sector
enterprises developing local infrastructure and those providing services
in partnership with LGUs through public-private partnerships (PPP),”
the statement read.
“In addition to offering
direct retail sub-loans, DBP will also channel wholesale funds to
accredited private financial institutions for financing of eligible
projects,” it added.
Support for regional infrastructure investments and for post-disaster reconstruction are the two main components of RIPG.
The project is expected to encourage cooperation between and among LGUs
and their private sector partners so that connectivity and access to
better infrastructure development and services, especially to poor
communities, are improved.
Last February, the
DBP, the World Bank, and the Department of Finance signed tripartite
loan and guarantee agreements for the ¥3.84-billion yen loan for the
RIGP. — Edgardo Tugade/VS, GMA News
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