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World Bank provides 67 mln USD for two energy projects in Philippines

Xinhua, May 13, 2016 Adjust font size:

The World Bank said Friday it is extending 67 million U.S. dollars to finance two projects to boost investments in renewable energy in the Philippines and help bring electricity to millions of poor families in far-flung areas of the country.

The Washington-based Board of Executive Directors approved the 44 million U.S. dollars guarantee under the Philippines Renewable Energy Project (PhRED) and the 23 million U.S. dollars grant for the Access to Sustainable Energy Project (ASEP).

PhRED aims to help reduce risks of commercial lending to electric cooperatives.

"This guarantee will enable these cooperatives to expand their electricity network, invest in renewable energy like small hydroelectric and solar power plants, and expand electricity access for poor households," World Bank said.

ASEP, meanwhile, is designed to help bring solar power to remote communities and islands not connected to the electricity grid managed by electric cooperatives.

World Bank Country Director for the Philippines Mara K. Warwick said the two projects can boost the country's energy sector, strengthen economic growth, and help reduce emissions of greenhouse gases that contribute to climate change.

The projects can help the government achieve its long-term goals of full electrification by the 2020s and a tripling of renewable energy installed capacity by 2030, as part of the country's sustainable development agenda, said Department of Energy Secretary Zenaida Y. Monsada.

Both PhRED and ASEP will be implemented by Local Government Unit Guarantee Corporation, a private entity owned by the Bankers' Association of the Philippines and the Development Bank of the Philippines. Endit