MANILA, Philippines (Xinhua) - The Asian Development Bank (ADB) has approved a $500-million worth of emergency loan for the Philippines' immediate reconstruction and rehabilitation efforts in the aftermath of Typhoon Haiyan,the agency announced today.
In a statement, ADB said apart from the emergency loan, $3 million in grant from the Asia Pacific Disaster Response Fund has already been disbursed to the Philippine government.
The Manila-based multilateral development bank also said another $20 million of grant from the Japan Fund for Poverty Reduction will be made available by mid-December.
"A disaster of this magnitude can push families further into poverty. The speed of assistance is critical to ensure that loss of shelter, assets or livelihoods is only temporary, and quickly resolved with skills programs, income generating activities, and high-quality rehabilitation and reconstruction," ADB President Takehiko Nakao said.
The funds will be used by the government to support five priority areas, including shelter and reconstruction; power restoration; livelihoods and employment; resettlement and psycho- social care; and environmental protection.
The ADB said the government's relief efforts are expected to continue well into 2014, posing a budget challenge for the Philippines. It added that it is working closely with the Department of Finance of Philippine government, designed this emergency support at record speed, to help the people affected by Typhoon Yolanda.
"As the government moves into rehabilitation and reconstruction phases, we stand ready to offer substantive additional support to implement the Yolanda Recovery and Rehabilitation Plan. To immediately supplement the first phase of support, we are designing a community driven development project that will help rebuild communities and assist reconstruction in the affected areas," ADB Vice President for East Asia, Southeast Asia, and Pacific countries Stephen Groff said.
ADB has established a Typhoon Yolanda Response Team, and it plans to set up an extended mission in one of the affected areas to support implementation of ADB's assistance. Two technical assistance projects will help implement and monitor the reconstruction plan.