PH delegation discusses sustainable development projects with top World Bank officials

MARRAKECH, MOROCCO [PART 2 of 7] – The Philippine delegation, led by Finance Secretary and World Bank (WB) Governor for the Philippines Benjamin E. Diokno, met with the Bank’s top officials to discuss the Philippines’ sustainable development projects in the pipeline.

Secretary Diokno discussed with WB Regional Vice President for East Asia and Pacific Manuela Ferro, WB Country Director for the Philippines Ndiame Diop, and WB Vice President for the Multilateral Investment Guarantee Agency (MIGA) Junaid Kamal Ahmad updates on the Philippines’ growth outlook, as well as ways the Bank can support reforms in digitalization, water and sanitation, health, education, rural development, energy transmission, and public-private partnerships (PPPs).

The WB is the Philippines’ third largest official development assistance (ODA) partner with loan and grant commitments totaling US$ 6.80 billion, which are used to fund the country’s overall development agenda.

The delegation also met with WBG Managing Director for Operations Anna Bjerde. She shared that the operational complex of the WBG is keen on finding ways to speed up the approval processes and execution of the Bank’s projects, which is key to ensuring that countries benefit sooner and development objectives are delivered quicker and better.

Moreover, the Managing Director lauded the Philippines’ ambitious socioeconomic agenda and reiterated the Bank’s interest in exploring partnerships and private capital mobilization opportunities with the Philippines on digitalization and renewable energy (RE), following WBG President Ajay Banga’s successful meeting with President Ferdinand R. Marcos, Jr. during the ASEAN Summit in Jakarta, Indonesia.

The Philippines currently has a total of 18 ongoing loans with the WB amounting to US$ 5.701 billion, including 6 loans worth US$ 2.336 billion signed within President Ferdinand R. Marcos, Jr.’s administration.

The Managing Director also discussed the programs and projects being considered for financing from FY 2024 to 2025 onwards. A total of 20 pipeline loans amounting to US$ 5.677 billion are expected to be signed between the Philippines and the WBG.

These include projects in digital