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Philippines: Rural Power Project Additional Financing

April 14, 2009

IBRD Loan: JPY 3,572,300,000 (US$40 million equivalent)
TERMS: Maturity = 23.5 years; Grace period = 8 years
PROJECT DESCRIPTION: The additional financing will scale-up a pipeline of projects identified in APL 1 and support rural electrification by (a) targeting more households, (b) encouraging more private sector participation by sharing in investment risks in generating, transmitting, and distributing electricity, with an emphasis on new and renewable sources of energy, and (c) upgrading Electric Cooperatives to become financially viable and operationally efficient.

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