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PHILIPPINES,UNITED STATES : WORLD BANK grants $500 Million to PHILIPPINES
Publish Date : 03-Jan-2012
Description The World Bank declared that will be issuing $500 million line of credit to Philippines.
The bank is granting the loan in a move to support Philippine Government in its recovery and reconstruction efforts in the aftermath of the tropical storm “Washi”, which devastated large swathes of the country, killing over 1200 people.
World Bank acting county director Chiyo Kanda said, “The financial assistance is under the line of credit which was approved by the World Bank last September in support of the Philippine National Disaster Risk Reduction and Management Council.”
The tropical storm \"Washi\" destroyed villages in Iligan and Cagayan de Oro causing the death of more than 1200 people and over 720,000 became homeless due to the floods.
