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ADB approves financing for Pacific Disaster Resilience Program.

MANILA: The Board of Directors of the ADB approved a total of $15 million in financing, comprised of policy-based loans and grants, for the Pacific Disaster Resilience Program.

It will help strengthen Samoa, Tonga, and Tuvalu's resilience to disasters. ADB's assistance will include loans worth $3.1 million each to Samoa and Tonga. It will also include grants worth $2.9 million each to Samoa and Tonga and $3 million to Tuvalu. All three grants are financed from the Asian Development Fund, ADB's grant-based development financing vehicle. An ADB-supported $2 million technical assistance grant will help the three countries implement priority resilience building activities and share their experiences.

The Asian Development Bank's (ADB) program mirrors the ADB-supported Cook Islands Disaster Resilience Program approved in December 2016, which uses disaster contingent financing through innovative use of policy-based financing.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Geographic Code:8TONG
Date:Jan 23, 2018
Words:137
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