PH, World Bank to sign $1-B loan for agri in July
The World Bank loan covering the $1-billion Philippine Sustainable Agriculture Transformation (PSAT) project is expected to be signed next month, according to the Department of Agriculture (DA).
“It has been, as far as I know, approved by the ETB (Executive Technical Board) of the DBCC (Development Budget Coordination Committee) and we’re expecting the loan agreement to be signed next month, in July,” Agriculture Assistant Secretary Arnel de Mesa said in a press briefing on Wednesday.
The PSAT, the single largest project within the department, will prioritize key infrastructure projects to address insufficient investments in the farm sector. These include central food hub, irrigation, greenhouse and cold storage facilities.
“The main purpose of the funds … it’s a budgetary support, meaning, once approved, the money will go to the National Treasury and we’re hoping [a] portion will go back to [the] DA to support priority projects of the secretary,” said de Mesa, who is also concurrently serving as the DA’s spokesman.
The agriculture official previously said the PSAT project would be the first project in the Philippines under the international financial institution’s Program-for-Results (PforR) financing, which focuses on the outcome of implementing government programs or policy reforms.
