WB releases 496 mln USD to help typhoon victims in Philippines

Source: Xinhua| 2018-10-02 13:56:42|Editor: ZX
Video PlayerClose

MANILA, Oct. 2 (Xinhua) -- The World Bank (WB) has released 496.25 million U.S. dollars to support the Philippine government's efforts to hasten recovery, rehabilitation, and reconstruction in areas battered by Typhoon Mangkhut last month, the bank announced on Tuesday.

The National Disaster Risk Reduction and Management Council (NDRRMC) of the Philippines said more than 700,000 families or close to 3 million people have been affected by the storm, with 138 injured and 68 dead in several regions in the Philippine main island of Luzon and nearby island provinces.

The police, meanwhile, said more than 100 people died while several others remain missing.

The NDRRMC has estimated the direct damage to infrastructure and agriculture at 33.6 billion pesos (roughly around 623 million U.S. dollars).

"We express our sympathies to all the Filipino people affected," said Mara Warwick, WB Country Director for Brunei, Malaysia, the Philippines and Thailand.

The Bank said the funds accessed from the contingent line of credit, called the Second Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (Cat-DDO 2), will give the Philippine government flexibility to help families and communities recover, reconstruct vital infrastructure such as roads, bridges, schools and hospitals, and restore basic social services.