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ADB To Provide Immediate Assistance To Earthquake - Devastated Gujarat, India

MANILA, PHILIPPINES (30 January 2001) - President Tadao Chino today announced that the Asian Development Bank (ADB) will provide immediate financial assistance for the rehabilitation and reconstruction of infrastructure facilities devastated by last Friday's earthquake in the state of Gujarat, India.

As an immediate measure, about US$350 million will be made available from the proceeds of existing loans. In addition, new loans will also be provided.

President Chino's offer of financial assistance was in response to a request from India's Finance Minister, Mr. Yashwant Sinha. In letters to the Finance Minister and the Chief Minister of Gujarat, Mr. Keshubhai Patel, President Chino said: "I wish to extend ADB's deepest condolences on the lives lost in Bhuj and neighboring regions as a result of last Friday's earthquake and the subsequent tremor on Sunday."

Referring to the "staggering impact" of the disaster, President Chino said, "We are also ready to extend all the financial and technical assistance within our capacity to help the state of Gujarat and the Government of India restore the affected areas." He added that ADB will do everything it can to assist India at this time of terrible tragedy.

A high-level ADB team will soon depart for Gujarat to discuss further assistance.

"The immediate aid will be used for the rehabilitation of housing, water supply, sanitation and power facilities. We will provide the new loans to meet the needs of the disaster-stricken areas including the reconstruction of roads, sewer systems and other infrastructure," said Yoshihiro Iwasaki, Director of ADB's Programs Department (West).

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