December 3, 2024

 

World Bank close to finalising partnership framework for Philippines, agriculture sector set to benefit

 

 

The World Bank said it is close to completing a new country partnership framework (CPF) for the Philippines, which is due by the first half of 2025 and is expected to benefit the country's agriculture sector.

 

"We are in the process of finalising (the framework)," Zafer Mustafaoğlu, country director for the Philippines, Malaysia, and Brunei, told reporters on the sidelines of the BusinessWorld Forecast 2025 Forum.

 

The CPF, which covers 2025-2028 will identify key objectives, results, and programmes it intends to support in the Philippines, with the broader aim of spreading prosperity and reducing poverty.

 

"We are right now preparing this country partnership framework. We have been doing some consultations with government agencies, NGOs, private sector," he said.

 

Asked about the kinds of loans and assistance the bank is looking to extend to the Philippines, Mustafaoğlu said the World Bank is evaluating projects aimed at improving health services.

 

In addition, the World Bank said it has a "big agenda" for agriculture.

 

"We are preparing one now to increase the productivity of agriculture and incomes," he added.

 

In a briefing on November 25, Agriculture Assistant Secretary and spokesman Arnel V. de Mesa said the Department of Agriculture is close to securing financing of $1 billion for its Philippine Sustainable Agriculture Transformation Project.

 

De Mesa said the project is expected to be signed by June and will run for five years. Full implementation of the project is expected by July.

 

De Mesa added that the World Bank has sent a pre-appraisal mission to evaluate the project.

 

The DA is also looking at $300-million loan from the World Bank to support micro, small and medium enterprises in accessing financing for climate resiliency projects.

 

- Reuters