Philippines, WB sign 600 million USD deal for farming modernisation
The Philippine Department of Finance (DOF) has signed a 600-million USD loan agreement with the World Bank (WB) for the country’s modernisation and industrialisation of the agricultural sector.
Manila (VNA) - The Philippine Department of Finance(DOF) has signed a 600-million USD loan agreement with the World Bank (WB) for thecountry’s modernisation and industrialisation of the agricultural sector.
According to DOF, the pact, signed on July 7, serves the thePhilippine Rural Development Project (PRDP) Scale-Up, which is geared towardstransforming agriculture into a modernised and industrialised sector throughpublic infrastructure interventions and strengthening the commodity valuechain.
PRDP Scale-Up, a major initiative of the PhilippineDepartment of Agriculture (DA), is an expanded response to the persistentchallenges confronting the agro-fishery sector and rural communities in thecountry. In particular, the project will boost farmer and fisherfolk access tomarkets, increase income from selected agri-fishery value chains, and improveefficiency in the food supply chain.
It will entail direct investments in rural infrastructureand enterprise sub-projects, which will directly benefit about 450,000 farmersand fisherfolk and generate about 42,000 new jobs./.
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