World Bank offers $500m loan to Philippines

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Phil typhoonThe World Bank has offered the Philippines a $500-million emergency loan to help it construct buildings able to withstand high winds and severe flooding after officials in the island nation still struggle to bring relief to the victims of typhoon Haiyan that struck the country on November 8.

“We are committed to supporting the government in its effort to recover and rebuild, and to help Filipinos strengthen their resilience against increasingly frequent extreme weather events,” said World Bank Group President Jim Yong Kim said in a statement on November 18. The bank did not offer details on the terms of the offer or when funds would be distributed.

The loan would support rebuilding of buildings that can withstand winds of 150 to 170 mph and resist severe flooding, it said. According to the United Nations, Typhoon Haiyan killed at least 4,200 when it tore through the Philippines with sustained winds of 195 mph and tsunami-like storm surges. Nearly 500,000 homes were damaged when Haiyan hit, according to the Philippine disaster council. The storm displaced 3 million people and affected 9.8 million.

Over a week after Haiyan tore through the country, electricity was available only in pockets through generators. There was no running water, and people managed with water supplied by tankers, although many did not have even that. A massive effort by the international community, which has donated aid and cash worth more than $248 million, is beginning to show improvements on the ground, although more slowly than many had hoped.

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Reading Time: 1 minute

The World Bank has offered the Philippines a $500-million emergency loan to help it construct buildings able to withstand high winds and severe flooding after officials in the island nation still struggle to bring relief to the victims of typhoon Haiyan that struck the country on November 8.

Reading Time: 1 minute

Phil typhoonThe World Bank has offered the Philippines a $500-million emergency loan to help it construct buildings able to withstand high winds and severe flooding after officials in the island nation still struggle to bring relief to the victims of typhoon Haiyan that struck the country on November 8.

“We are committed to supporting the government in its effort to recover and rebuild, and to help Filipinos strengthen their resilience against increasingly frequent extreme weather events,” said World Bank Group President Jim Yong Kim said in a statement on November 18. The bank did not offer details on the terms of the offer or when funds would be distributed.

The loan would support rebuilding of buildings that can withstand winds of 150 to 170 mph and resist severe flooding, it said. According to the United Nations, Typhoon Haiyan killed at least 4,200 when it tore through the Philippines with sustained winds of 195 mph and tsunami-like storm surges. Nearly 500,000 homes were damaged when Haiyan hit, according to the Philippine disaster council. The storm displaced 3 million people and affected 9.8 million.

Over a week after Haiyan tore through the country, electricity was available only in pockets through generators. There was no running water, and people managed with water supplied by tankers, although many did not have even that. A massive effort by the international community, which has donated aid and cash worth more than $248 million, is beginning to show improvements on the ground, although more slowly than many had hoped.

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