(Eagle News) — The World Bank has allotted US$100-million fast-track loan to the Philippine government for the procurement of personal protective equipment for (PPE) for health care workers, and other equipment needed to contain the spread of the coronavirus disease in the country.
The $100 million aid to the Philippines to fight COVID-19 will help the Department of Health in the procurement also of testing and laboratory materials, quarantine areas, isolation rooms and other essential equipment to prevent further COVID-19 infections.
The Department of Finance (DOF) said that the funds would be coming in the next few weeks.
The World Bank has already consulted with the DOH to determine “if financing under the Fast Track Facility would be responsive to the government’s immediate needs to fight the coronavirus pandemic,” a DOF release said.
Before this, Finance Secretary Carlos Dominguez III tasked a team from DOF to meet with World Bank’s Mr, Achim Fock, the World Bank Acting Country Director for Brunei, Malaysia, Philippines and Thailand.
This was to outline possible financing options to help the government address the threat of COVID-19.
Fock had also written a letter to DOH Secretary Francisco Duque III to assure him of the World Bank’s commitment to help the DOH in the fight against the coronavirus.
-Letter to DOH-
“We appreciate your strong leadership during the coronavirus (COVID-19) outbreak and offer our assistance to your Department in the response,” Mr. Fock also said in his letter to Secretary Duque dated March 17.
He said that the World Bank “would take every step to make procurement as fast as possible.”
“We recognize that some goods and equipment are currently not available and stand ready to support you in sourcing them as quickly as possible,” Mr. Fock said in his letter.
Last March 3, the World Bank announced that it was making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the COVID-19 global outbreak.
The COVID-19 Fast Track Facility will be financed as follows: $2.7 billion from the International Bank for Reconstruction and Development (IBRD), $1.3 billion from the International Development Association (IDA), $6 billion from the International Finance Corporation (IFC) (including $2 billion from existing trade facilities), complemented by reprioritization of $2 billion of the Bank Group’s existing portfolio.
It will also include policy advice and technical assistance drawing on global expertise and country-level knowledge.
The Philippines is eligible for US$100 million at IBRD regular terms, with a waiver of the first year of commitment fees.
As an IBRD member-country, the Philippines is also eligible to receive further financing assistance from IBRD within its normal exposure limits.
