World Bank doubles funding for Philippines

Emergency funding for the relief and reconstruction work being carried out in the Philippines following Typhoon Haiyan has been doubled as the World Bank Group pledged US$ 480 million in financial assistance.

The funding follows a US$500 million emergency loan granted by the Asian Development Bank.

The additional US$ 480 million is financial assistance for the National Community Driven Development Project (NCDDP). The project will support typhoon affected communities rebuild community-level or livelihood related infrastructure such as water supply, rural roads, schools and clinics, using retroactive financing.

The World Bank said the NCDDP would empower communities to lead the reconstruction effort, by offering a transparent way for people to identify their own needs.

World Bank Group disaster specialists are now helping the government in Manila assess damages and identify priority areas for immediate recovery and reconstruction support.