World Bank lends Philippines $100 million to fight COVID-19


Posted at Apr 29 2020 02:17 PM

World Bank lends Philippines $100 million to fight COVID-19 1
World Bank Headquearters, Philippines. Jonathan Cellona, ABS-CBN News

MANILA - The Philippines said Wednesday it secured a $100 million (P5 billion) loan from the World Bank to help it fight the COVID-19 pandemic. 

The loan was signed on Tuesday by Finance Secretary Carlos Dominguez III and Achim Fock, the World Bank Acting Country Director for Brunei, Malaysia, the Philippines, and Thailand, the Department of Finance said.

The loan is meant to strengthen the country’s capacity to prevent, detect and respond to the threat posed by the novel coronavirus and boost its national systems for public health preparedness, the DOF said.
It follows an earlier $500 million agreement signed between Dominguez and Fock that was also meant to help the government deal with the COVID-19 pandemic.