Manila, July 10 (SocialNews.XYZ) The Philippines' Department of Finance (DOF) on Monday said it signed a $600 million loan agreement with the World Bank (WB) to fund a rural development project that will modernise agriculture and improve infrastructure.
The DOF said the loan agreement was signed on July 7 for the Philippine Rural Development Project (PRDP) Scale-up, which is geared towards transforming agriculture into a modernized and industrialised sector through public infrastructure interventions and strengthening the commodity value chain, reports Xinhua news agency.
PRDP Scale-Up, an initiative of the Department of Agriculture (DA), is an expanded response to the persistent challenges confronting the agriculture and fisheries (A&F) sector and rural communities in the country.
Specifically, the DOF said the project will boost farmer and fisherfolk access to markets, increase income from selected agri-fishery value chains, and improve efficiency in the food supply chain.
The DOF said the project entails direct investments in rural infrastructure and enterprise sub-projects, benefiting about 450,000 farmers and fisherfolk and generating nearly 42,000 new jobs.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
