WB to lend RP $200 M for social projects

Trade and Industry Secretary Manuel Roxas II said yesterday the World Bank has agreed to provide the country with a $100 million to $200-million budgetary support loan to fund government’s social works projects.

Roxas met the other day with World Bank resident representative Vinay Bhargava to discuss the bank’s continuing support for the country and the Arroyo administration.

"During the meeting with Bhargava, there was also talk about a good governance loan that would help the government ensure transparency and lessen corruption in government," Roxas said.

Roxas, however, was unable to give details on the pledged World Bank assistance saying that negotiations for such a financial assistance will have to be made by the Department of Finance.

There are several pipeline World Bank loans which the country has been unable to completely utilize due to its continued failure to meet some of the conditions attached to the financial assistance.

One such loan is the Bank Sector Reform Loan (BSRL) amounting to $300 million of which only $100 million, representing the first tranche, has been released. – Marianne Go