MANILA, PHILIPPINES – The Asian Development Bank (ADB) will provide $23 million in grants to the Philippines to address immediate needs, and stands ready to provide a $500 million emergency loan to help reconstruct communities devastated by Typhoon Yolanda, also known internationally as Typhoon Haiyan.
“We are working in close collaboration with the government and all other international agencies to provide hope and rebuild the lives of more than 11 million people affected by what is being described as one of the Philippines’ worst ever natural disasters,” said ADB President Takehiko Nakao.
Of the $23 million in grants being provided for immediate relief assistance for affected communities, $3 million will come from the Asia Pacific Disaster Response Fund, ADB’s emergency assistance facility, and $20 million from the Japan Fund for Poverty Reduction, a Trust Fund financed by the Government of Japan.
In addition to the immediate relief assistance, ADB stands ready to provide a $500 million quick-disbursing program loan to help post-disaster rehabilitation and reconstruction. ADB will work with bilateral and multilateral development partners for timely and effective reconstruction. In this regard, the first coordination meeting was held at ADB today with World Bank and the Japan International Cooperation Agency (JICA).
ADB is also exploring other ways of mobilizing resources including the establishment of an ADB-administered multi-donor trust fund.
ADB has formed the Typhoon Yolanda Response Team, made up of 40 senior staff members from across the Bank with experience in post-disaster situations, to coordinate with the government and development partners. The team will soon be engaged in a comprehensive damage and needs assessment for recovery and rehabilitation.
“ADB will provide full support to the people and the Government of the Philippines together with other development partners to speedily implement both needed relief and reconstruction – especially as the Philippines is our home,” Mr. Nakao said.