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Philippines,United States : WORLD BANK authorizes a new Country Partnership Strategy for the PHILIPPINES

June 16, 2014

A new Country Partnership Strategy (CPS) for the Philippines covering the next four years and aimed at reducing poverty and creating quality jobs has been authorized by the World Bank.

The CPS would support government programs in five engagement areas including transparent and accountable governance; empowerment of the poor and the vulnerable; rapid, inclusive and sustained economic growth; climate change, environment and disaster risk management; and peace, institution building, and social and economic opportunity, stated the World Bank.

Axel van Trotsenburg, World Bank vice-president for East Asia and the Pacific said, We will leverage our public and private resources to help Philippines build resilience to economic shocks from natural disasters and climate change and to build shared prosperity including for people in Mindanao seeking the rewards of peace.

It is estimated that the International Bank for Reconstruction and Development, a member of the World Bank Group, will offer an average of $800 million per year along with analytical and advisory assistance.

The World Bank said, Another Group member, the International Finance Corporation, promised $250-300 million in investments in the next couple of years .

The new CPS was in line with goals set under the 2011-2016 Philippine Development Plan, said Socioeconomic Planning Secretary Arsenio M. Balisacan, The Aquino government focuses on attaining sustained high economic growth that is inclusive ... World Bank Group support through the CPS will help us achieve that.

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Source: TendersInfo (India)

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