World Bank Offers Thailand $1B for Flood-prevention Projects

Locals help fill bags with sand to keep water from the Chao Phraya river at bay and prevent flooding at their town. Photo by: Remko Tanis / CC BY-NC-SA

The World Bank has offered Thailand a $1 billion loan for the creation of flood-prevention projects, one of the many offers the flood-hit country has received from funding agencies such as the Asian Development Bank, the Japan Bank for International Cooperation and the Japan International Cooperation Agency.

Deputy Prime Minister and Commerce Minister Kittirat Na-Ranong, who represented Prime Minister Yingluck Shinawatra at the APEC meeting in Honolulu, Hawaii, said the government is considering the offer.

“Borrowing from the bank would help guarantee that any projects undertaken would be transparent as the bank would witness the procedure,” he said, adding that the government is also open to offers from foreign investors who are interested in forming a consortium with Thai investors on flood-prevention projects.

Apart from the loan, the World Bank offered to provide advice on water management.

The government is releasing a $10 billion budget for its relief and recovery operations and post-flood rehabilitation projects. A portion of the funding will go to big businesses ($2 billion) and SMEs ($5.5 billion) to help them resume operations “as soon as possible.”

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About the author

  • Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.