ADB approves $500M loan to PHL for immediate post-Yolanda reconstruction

Asian Development Bank (ADB) on Friday approved a $500-million emergency loan to the Philippine government for immediate reconstruction efforts in areas devastated by Typhoon Yolanda, the strongest to make landfall on record.

 

“A disaster of this magnitude can push families further into poverty,” president Takehiko Nakao said in a statement. 

 

“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,” Nakao added.

 

Working closely with the Department of Finance, Manila-based ADB said relief efforts were expected to continue well into 2014 to ensure support in five priority areas, including shelter and reconstruction; power restoration; livelihoods and employment; resettlement and psychosocial care; and environmental protection. 

 

On Nov. 13, the Manila-based lender said it has earmarked a total $523 million in grants and loans for relief and reconstruction initiatives in Yolanda-hit areas.

 

According to ADB, $3 million of the total grant has already been disbursed from the Asia Pacific Disaster Response Fund while $20 million from the Japan Fund for Poverty Reduction will be made available by mid-December.

 

ADB's Typhoon Yolanda Response Team will offer substantive additional support as the government moves into rehabilitation and reconstruction phases, said Stephen Groff, vice president responsible for East Asia, Southeast Asia and Pacific countries.

 

"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,” he said. 

 

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

 

It plans to set up an extended mission in one of the affected areas to support implementation of ADB’s assistance, of which two technical assistance projects will help implement and monitor the reconstruction plan. 

 

On Nov. 8, Typhoon Yolanda battered Central Philippines, devastating coastal towns and cities.

 

As of Thursday morning, the National Disaster Risk Reduction and Management Council said the death toll from super typhoon Yolanda (Haiyan) rose further and reached 5,759 while damage to crops, livestocks and infrastructure amounted to P35.24 billion. – Danessa Rivera/VS, GMA News