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|At WB headquarters in Washington (Photo: Reuters)|
The World Bank said the financing is part of its long-standing support to the Philippines' broader policy reform efforts to boost its resilience and capability to prepare for and recover from disasters.
Previously, the WB provided the country with two risk management development policy loans in 2012 and 2015.
According to the WB, the loan will support key policy reforms being undertaken by the government in the area of disaster risk management.
It will also support the government's promotion of integrated hazard and risk analysis in physical planning, and in support of policy development; and the development of multi-year investment plans for seismic risk reduction and retrofitting of important government buildings; and the implementation of an emergency cash transfer programme during shocks, the bank said.
The Philippines is one of the most hazard-prone countries in the world. In addition to these natural hazards, the country is now facing the impacts of the global outbreak of the COVID-19.