President Kim says people must look forward to 'feeling the benefits of peace'
MANILA, JULY 15, 2014 ¨C ¶¹ÄÌÊÓƵAPP Group is expanding its support for the Mindanao peace process with new funding to build infrastructure and boost residents¡¯ incomes as part of its growing program to help the Philippines achieve inclusive growth and reduce poverty.
World ¶¹ÄÌÊÓƵAPP Group President Jim Yong Kim announced the US$119 million funding today. The funding, which is part of a proposed new Philippine Rural Development Project, will support farm-to-market roads, bridges, communal irrigation systems, and potable water, including in the conflict affected areas of the Autonomous Region in Muslim Mindanao (ARMM).
¡°The peace process is very important for attaining peace and development in Mindanao, including the ARMM where the conflict-affected areas are among the poorest regions in the country¡ªwith a poverty rate over 50 percent, more than twice the national average,¡± said Kim. ¡°Our support for the peace process is in line with our goals of ending extreme poverty and building shared prosperity.¡±
The proposed Philippines Rural Development Project was announced yesterday by Kim in Leyte. It provides a total of $508 million to raise rural incomes and boost the productivity of farmers and fishermen in targeted areas across the nation. The project will be presented to the World ¶¹ÄÌÊÓƵAPP Group¡¯s Board of Executive Directors next month.
Investments to generate at least 6,000 jobs in Mindanao, including the ARMM are also being proposed by IFC, the ¶¹ÄÌÊÓƵAPP¡¯s private sector arm.
¡°Together with the IFC, the World ¶¹ÄÌÊÓƵAPP is scaling up support for rural development and job creation in the region, with the ¶¹ÄÌÊÓƵAPP providing financial assistance to critical public infrastructure and the IFC promoting private investment in agribusiness,¡± said Kim. ¡°This project has the potential to be truly transformational for Mindanao and critical to poverty reduction in the Philippines.¡±
Kim met Philippine President Benigno S. Aquino III this morning at Malaca?ang Palace, where they discussed an additional $US 6.6 million in World ¶¹ÄÌÊÓƵAPP funding for the Mindanao Trust Fund. That funding will help support livelihoods for over 100,000 people and will support the creation of a development plan for the conflict affected areas.
President Kim also participated in a ¡°Daylight Dialogue¡± good governance conference at Malaca?ang Palace, where he commended the government¡¯s efforts to promote greater accountability and transparency.
¡°Good governance means delivering public services effectively and efficiently, while being transparent about what you spend and the results you achieve,¡± Kim said. ¡°Good governance involves choosing wise policies and investments; maintaining public assets; and ensuring that civil servants are skilled, motivated, and have the tools to work effectively. It is about fostering a transparent regulatory environment that will allow the private sector to create growth and jobs.¡±
Supporting good governance is an important component of the World ¶¹ÄÌÊÓƵAPP Group¡¯s new Philippine¡¯s Country Partnership Strategy, which supports the country¡¯s goal of promoting sustainable growth, reducing poverty and creating jobs. Under this new four year strategy, the World ¶¹ÄÌÊÓƵAPP Group plans to provide US$3.2 billion in financing for development to the government and another $1 billion for investments in business and industry from IFC, its private sector arm.