ASIATODAY.ID, MANILA – The Asian Development Bank (ADB) has provided $5 million in contingent disaster financing to support emergency relief efforts in Vanuatu following the 7.3 magnitude earthquake that struck the capital Port Vila on 17 December.
Fourteen people died in the quake which caused significant damage to reservoirs, power lines, commercial buildings, embassies, and a hospital. A state of emergency and curfew are in place.
ADB’s $5 million grant to Vanuatu comes from the 5th phase of the Pacific Disaster Resilience Program, which also supported progress in strengthening the country’s capacity to manage and reduce disaster risks. The funds will support the government as it manages its emergency response.
“In times of disaster, fast-disbursing finance is critical to help the government quickly respond to the crisis, deliver emergency relief to those in need, and support the people of Vanuatu,” said ADB Pacific Liaison and Coordination Office Regional Director Shane Rosenthal.
The Pacific Disaster Resilience Program enables Pacific countries to access funds quickly in an emergency while supporting policy reforms that build resilience in disaster risk management and preparedness. The program is financed by a $20 million concessional loan from ADB’s ordinary capital resources and a $21 million grant from the Asian Development Fund (ADF). The ADF provides grants to ADB’s poorest and most vulnerable developing member countries.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region. (AT Network)
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