The World Bank has approved a total of $67 million (USD) in financial assistance for two renewable energy projects within the country.
The institution announced this past week that its board of directors had approved a $44 million (USD) loan guarantee for the Philippines Renewable Energy Project.
The project is implemented by the Local Government Unit Guarantee Corp., a credit guarantee company owned by the Bankers Association of the Philippines and the Development Bank of the Philippines.
In a statement, the Washington-based bank said: “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.”
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