The Asian Development Bank (ADB) announced Wednesday that it will provide 23 million U.S. dollars in grants to the Philippines to address immediate needs, and stands ready to provide a 500 million U.S. dollars of emergency loan to help reconstruct communities devastated by typhoon "Haiyan," also known as "Yolanda."
Of the 23 million dollars in grants, 3 million will come from the Asia Pacific Disaster Response Fund, ADB's emergency assistance facility, and 20 million dollars from the Japan Fund for Poverty Reduction, a trust fund financed by the Japanese government.
In addition, ADB will provide 500 million dollars in quick- disbursing program loan to help post-disaster rehabilitation and reconstruction.
"We are working in close collaboration with the government and all other international agencies to provide hope and rebuild the lives of more than 11 million people affected by what is being described as one of the Philippines' worst ever natural disasters, " ADB President Takehiko Nakao said.
The agency is also exploring other ways of mobilizing resources including the establishment of an ADB-administered multi-donor trust fund.
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 Philippine government and development partners. The team will soon be engaged in a comprehensive damage and needs assessment for recovery and rehabilitation.