ADB earmarks additional $350-M loan for post-Yolanda rehab

The Asian Development Bank (ADB) has earmarked an additional $350 million for the rehabilitation and rebuilding of areas devastated by Typhoon Yolanda, the strongest storm to make landfall on record. 

 

“We are considering giving an additional $350 million loan before the year ends,” ADB president Takehiko Nakao told reporters in an interview at the closing dinner of the Trilateral Commission Regional Conference in Makati City Thursday night. 

 

“It’s for the rehabilitation of the affected communities,” he said, adding that if approved, the ADB's total loans and grants for Yolanda-related rehabilitation and aid will reach $873 million. 

 

On Dec. 6, ADB approved a $500-million emergency loan to the Philippine government for immediate reconstruction efforts in areas devastated by Typhoon Yolanda. 

 

On Nov. 13, the Manila-based lender alloted a total of $523 million in grants and loans for relief and reconstruction initiatives in Yolanda-hit areas, including a $3-million grant from the Asia Pacific Disaster Response Fund which was already disbursed, another $20-million grant from the Japan Fund for Poverty Reduction to be made available this month, and a recently-approved $500-million loan.

 

ADB has established a Typhoon Yolanda Response Team, to offer additional support as the government moves into the rehabilitation and reconstruction phase. 

 

“We already have over 50 people who are part of the damage assessment (efforts) of the government,” Nakao said, noting that 40 members of team are senior staff members with experience in post-disaster situations.

 

Last Nov. 8, Typhoon Yolanda battered the central Philippines, laying waste to buildings and other infrastructure in its path and killing over 6,000 people. – VS/JDS, GMA News