DA eyes USD840M loan from World Bank
The Department of Agriculture (DA) is hoping to secure as much as $840-million loan from the World Bank, which will help the agency sustain the Philippine Rural Development Project (PRDP), among other projects.
Newly appointed Agriculture Secretary William Dar said that during his meeting with a representative from World Bank last week, the latter has expressed interest to provide PRDP additional US$240-million loan.
This is on top of the US$500-million loan for DA’s Provincial Agricultural Extension System and a separate loan of US$100 million for projects and programs in Mindanao alone, a report in Manila Bulletin showed.
Dar announced this during his turnover ceremony with incoming Mindanao Development Authority (MinDA) Chair Emmanuel Piñol, who served as the DA Secretary for three years.
During the ceremony, Piñol said from now on and as the new MinDA chief, the DA will get its full support when it comes to its projects in Mindanao.