World Bank offers $500 Million to Typhoon devastated Phillipines

As government officials and aid workers struggled to reach communities devastated by Typhoon Haiyan 11 days ago, the World Bank has offered the Philippines a $500-million emergency loan to help it construct buildings able to withstand high winds and severe flooding. “We are committed to supporting the government in its effort to recover and rebuild, and to help Filipinos strengthen their resilience against increasingly frequent extreme weather events,” said World Bank Group President Jim Yong Kim said in a statement on Monday. The bank did not offer details on the terms of the offer or when funds would be distributed.