ADB OKs funding for tsunami areas
ADB OKs funding for tsunami areas
Asia News Network, Bangkok
The Asian Development Bank approved Thursday the setting up of
a multidonor Asian Tsunami Fund, with ADB making its own initial
contribution of US$600 million, to deliver prompt emergency
funding to tsunami-affected countries, it said in a statement.
The fund will pool and deliver grants for emergency technical
assistance and investment projects to support reconstruction and
rehabilitation among others in India, Indonesia and Sri Lanka.
"We see this as a mechanism to attract funds from multiple
donors for a structured, systematic and transparent flow of funds
to tsunami affected countries, while upholding the strongest
standards of governance," Philip Erquiaga, Principal Director of
ADB's Office of Cofinancing Operations, said.
ADB will accept contributions to the fund from bilateral,
multilateral, and individual sources, including companies and
foundations.
Possible sectors could include public services such as water
supply and sanitation and communications; infrastructure such as
roads and ports; health and education services; agriculture and
fisheries; housing; restoring livelihoods; and containment of
environmental damage.
ADB is working with governments to expeditiously deliver the
assistance packages at country level. Resources from the fund
will be made available to the tsunami-affected countries based on
the outcomes of needs assessment activities that ADB has been
carrying out jointly with the World Bank, UN system, and other agencies.
The fund takes ADB's total financial commitment on the
assistance to $775 million, which includes $175 million that can
be redirected from ongoing projects and programs for the effort.
To coordinate assistance to tsunami affected countries, ADB
will host a high-level meeting on March 18. The meeting will take
stock of recovery achievements and pledges of support, and seek
to reach a common understanding of the major considerations in
delivering effective rehabilitation and reconstruction programs
over the next four to five years.