PHL works with ADB, WB to establish Yolanda Multi Donor Trust Fund (MDTF)

from Government of the Philippines
Published on 21 Feb 2014 View Original

QUEZON CITY, February 21 (PIA) --- The country is working with the Asian Development Bank and the World Bank to establish a Yolanda Multi Donor Trust Fund (MDTF).

According to the Department of Finance (DOF), the move is envisioned to serve as an overall platform in mobilizing reconstruction resources from a wide range of development partners, including overseas private sector and philanthropic foundations/ organizations.

In a statement, the DOF said the facility will support priority investment projects, livelihood initiatives and technical assistance for capacity building geared towards rehabilitation and recovery guided by the principle, 'Build Back Better'.

The Reconstruction Assistance on Yolanda, as stated, will be the main anchor for the MDTF. The completion of project implementation and utilization of MDTF proceeds are expected within a span of four (4) years.

National Treasurer Rosalia de Leon said the MDTF will facilitate transparent and efficient utilization of resources as well as harmonization of various approached being adopted by ensuring that all standards are complied.

“Strong interest has been conveyed from both our multilateral and bilateral development partners,” de Leon said. (DOF/RJB/MAPA/PIA-NCR)