The Philippines and the World Bank (WB) on Monday signed several loan agreements amounting to 1.14 billion U.S. dollars to finance various government initiatives aimed at accelerating economic recovery.

Philippine Finance Secretary Benjamin Diokno and World Bank Country Director for the Philippines Ndiamé Diop signed the loan agreements.

The Philippine Department of Finance (DOF) said 276 million dollars will be used to finance a few projects across the Southeast Asian country to sustainably increase agricultural productivity, resiliency, and accessibility to markets and services of organized farmers and fisherfolk.

Some 110 million dollars in loans will be allocated to the Department of Education to improve the quality of education in southern Philippines, while 750 million dollars will fund the country's policy reforms to boost environmental protection and climate resilience.

The World Bank, as a major multilateral lender, is the Philippines' third-largest official development assistance partner, according to the DOF.