New Fund to Provide Clean Water to 1.4 Million Filipinos
 |
The Philippines Water Revolving Fund (PWRF), is helping local water utilities access private sector funding, allowing them to provide access to improved water services to an estimated 1.4 million Filipinos.
|
The Governments of the Philippines, Japan and the United States jointly launched the Philippine Water Revolving Fund (PWRF) on October 20, 2008 at the Development Bank of the Philippines (DBP). The PWRF is a lending program for water supply and sanitation projects, using a co-financing scheme between DBP (with funds provided by the Japan International Cooperation Agency - JICA) and private banks to bring potable water benefiting up to 1.4 million people.
The PWRF responds to the Philippine government's efforts to mobilize private capital to augment public resources for much-needed investments in water supply and sanitation projects to help the country to meet its Millennium Development Goal target of 90% of Filipinos with access to formal water services by 2015. Potential borrowers include creditworthy water districts, local government units and private utilities. In the near future, the PWRF will also explore developing other mechanisms with broader private sector participation, such as loan securitization or bond financing.
The Philippine Department of Finance led the partnership for the development of the PWRF with support from USAID and JICA under the Clean Water for People Initiative, a joint program between the U.S. and Japanese Governments aimed at helping countries such as the Philippines to achieve their Millennium Development Goals in water supply and sanitation. Key domestic development partners include the National Economic Development Authority, Municipal Development Fund Office, LGU Guarantee Corporation, and the Bankers Association of the Philippines.
Back to Top ^
|
