THE International Finance Corp. (IFC), the private sector arm of the World Bank, is currently in discussion with local companies on possible investments to help generate as much as 6,000 jobs in Mindanao, including the Bangsamoro region.
Earlier the World Bank group for rural development and job creation in Mindanao allocaed P14 billion for the purpose.
The World Bank’s assistance in Mindanao includes P8.74 billion for the National Community-Driven Development Project (NCDDP) and P5.3 billion for the Philippine Rural Development Project (PRDP).
“We were encouraged by the recent completion of the Bangsamoro Development Plan and the efforts of the government, the Moro Islamic Liberation Front, and other sectors of society to promote stability and lay the foundations for lasting peace and development in Mindanao, including the Bangsamoro. Together with other development partners, we are committed to contribute to these efforts,” IFC Resident Rep. Jesse Ang said.
Ang also said international experience suggests that breaking the cycle of violence requires legitimate institutions—with technical capacity and accountability—that can deliver security, justice and jobs.
The IFC representation added that the World Bank will continue to provide assistance to the long-term process of building legitimate institutions in Mindanao and the Bangsamoro.
The World Bank-assisted projects aim to provide critical support for the construction and rehabilitation of farm-to-market roads, bridges, irrigation facilities and water supply.
These projects will also provide technical assistance to local communities to expand livelihood opportunities and small business enterprises.
“The World Bank Group is scaling up support for rural development and job creation in the region by providing critical infrastructure and promoting private investment in agribusiness,” World Bank Operations Officer Lilanie Magdamo said.
Under the NCDDP, people in poor communities can organize themselves, prepare project proposals to address their common problems, and compete for block grants to finance their own projects.
Typical investments may include local infrastructure such as water systems, school buildings, day-care centers and health stations, as well as roads and bridges.
The PRDP, on the other hand, supports rural infrastructure, as well as small business and livelihood projects for farmers and fishermen.
Of the P5.3 billion allocated for the PRDP, the World Bank said around P501 million is allocated for the Autonomous Region in Muslim Mindanao.
The two projects are part of the list of undertakings indicated in the World Bank’s $600 million to $1 billion worth lending program from fiscal year 2015 to fiscal year 2018 unveiled by the Washington lender in June 2014.
The lending program, dubbed Country Partnership Strategy, will focus on five key development areas—good governance; empowerment of the poor and vulnerable; rapid, inclusive, and sustainable economic growth; climate change; peace and institution building.