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ADB Setting Up $600 Million Asian Tsunami Trust Fund
The Asian Development Bank has announced its plan to allocate $600 million to a new Asian Tsunami Trust Fund to provide rapid reconstruction and technical assistance to Tsunami-affected countries. This amount exceeds ADB's initial pledge of $500 million made at the ASEAN Leaders Summit in Jakarta on 6 January. An additional $175 million from existing ADB-funded projects will also be reprogrammed to support the Tsunami recovery efforts (see below). Other bilateral and multilateral donors are welcome to use the Asian Tsunami Trust Fund as a vehicle for their assistance. Contact person: Graham Dwyer, +63 2 632 5253, gdwyer@adb.org.
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Asian Development Bank (ADB) Tsunami Assistance-Highlights
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Sri Lanka Needs US$1.5 billion For Tsunami Recovery and Reconstruction
Sri Lanka will need approximately US$ 1.5 billion to effectively implement a recovery and reconstruction strategy according to a preliminary damage and needs assessment released today by the Asian Development Bank (ADB), the Japan Bank for International
Cooperation (JBIC) and the World Bank. The joint assessment has been conducted
by ADB, JBIC and the World Bank in close cooperation with the Government of Sri
Lanka.
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Tsunami Could Throw Nearly 2 Million Additional People into Poverty in the Affected Countries
According to a report released
on 13 January by the Asian Development Bank, the earthquake and Tsunami tidal wave could throw nearly 2 million additional people into
poverty.
See also the full Report
(pdf).
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ADB confirms $676 commitment at UN Ministerial Conference on Tsunami
Assistance in Geneva
At the UN Ministerial Conference on Humanitarian Assistance to Tsunami-Affected
Communities held in Geneva on 11 January, ADB
confirmed its commitment to supporting Tsunami-affected countries with
an initial assistance of $676 million for Sri Lanka, Indonesia and
Maldives. ADB assistance consists of $500 million in new funding, $175 million in
reallocated money and a $1 million grant for the preparation of a
regional early warning system.
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ADB
President Announces Additional $500 Million Support To Tsunami Affected Countries
On 6 January, President Tadao Chino told the ASEAN Leaders' Special Meeting
in Jakarta that the Asian Development Bank was prepared to provide an additional $500 million in support for
Sri Lanka, Indonesia and Maldives affected by the December earthquake and
Tsunami
disaster.
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ADB Proposes $20 Million Grant to Maldives
ADB has offered grant assistance of $20 million to help the Maldives' post-Tsunami reconstruction and rehabilitation effort, ADB Vice-President Liqun Jin said at meetings with Maldives President Maumoon Abdul Gayoom and Finance and Treasury Minister Mohamed Jaleel
on 25 January.
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'We Need to Lay Roots for Better Future', Says ADB President Tadao Chino on
Visit to Sri Lanka
"We need to use this sad occasion to lay the roots for a better future for vulnerable communities," said ADB President Tadao Chino during a visit
on 15 January to Tsunami-affected areas in Sri Lanka. "ADB stands ready to provide support to Sri Lanka, and will assist the reconstruction effort with about $200 million in 2005."
See also the Introductory Remarks of President Tadao Chino.
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ADB and World Bank Asked to Assist India's Rebuilding Efforts After Disaster
ADB and World Bank
have been asked by India to provide assistance for reconstruction and rehabilitation in the wake of the
Tsunami disaster.
The two multilateral development banks will work with the Government of India
on needs assessment, and a program of assistance will be developed shortly. |
Japan's Finance Minister Announces $20 Million Boost to
Japan's ADB-Administrated Trust Funds to Support Tsunami Relief
Japan is to provide an additional
$20 million through its Trust Funds at ADB to support relief measures in areas devastated by the earthquake and
Tsunami, the Japanese Minister of Finance, Mr. Sadakazu Tanigaki, announced
on 11 January.
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ADB
and Partners to Begin Needs Assessments in Tsunami Affected Areas
ADB and other
development partners sent out teams of experts on 8 January to assess the extent of damage brought about by the
earthquake and Tsunami disaster with governments and local communities.
The joint assessment will help define reconstruction plans in Indonesia, Maldives, and Sri Lanka. ADB has pledged up to
$676 million to help reconstruction efforts in these three countries.
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ADB President Visits Aceh: Task of Rehabilitation, Restoration and Bringing People's Lives to Normalcy Will be Huge
Addressing a press conference
in Banda Aceh on 7 January, ADB President Tadao Chino stated, "I am deeply overwhelmed by the pain and suffering and devastation that I saw during the Aceh visit." He said Aceh is the worst hit province by the earthquake and
Tsunami tidal wave.
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