The World Bank (WB) today announced the opening of a credit line of 496 million dollars (429 million euros) to the Philippines for the rehabilitation of the areas hardest hit by the passage of typhoon Mangkhut in mid-September.
This favorable loan will allow the Philippine government "to help families and communities, rebuild vital infrastructure such as roads, bridges, schools and hospitals, as well as restore basic social services," the World Bank said in a statement.
Typhoon Mangkhut, the largest of the season, passed through the northern Philippines on September 15, when it caused a hundred deaths and about 3 million affected, as well as damage to infrastructure and agriculture worth about 623 million dollars (539 million euros).
"Natural disasters can exacerbate poverty through loss of life, livelihoods, property and infrastructure, and can set back years of development gains," said Mara Warwick, director of the BMl for Brunei Darussalam, Malaysia, Philippines and Thailand.
Natural disasters are responsible for 74% of deaths in the Philippines, 62% of infrastructure damage and 70% of losses in agriculture, according to the World Bank.