ADB gives $23M to Yolanda victims, ready to lend $500M more

MANILA, Philippines - The Asian Development Bank (ADB) on Wednesday said it will give $23 million to the Philippines to address immediate needs of victims affected by typhoon Yolanda.

Aside from the grant, ADB said it stands ready to provide $500 million more in emergency loan for the reconstruction of devastated communities.

“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.

The multilateral financial institution said out of the $23-million grant, $3 million will come from ADB's Asia Pacific Disaster response fund and $20 million from the Japan Fund for Poverty Reduction.

The laon, on the other hand, will help in the post-disaster rehabilitation and reconstruction.

ADB has also formed the Typhoon Yolanda Response Team, made up of 40 senior staff members with experience in post-disaster situations, to coordinate with the Philippine government and development partners.

“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,” Nakao said.