Maldives Needs US$304 Million for Tsunami Recovery and Reconstruction

News Release | 15 February 2005

MANILA, PHILIPPINES (15 February 2005) - The Maldives will need approximately US$304 million to effectively implement a recovery and reconstruction strategy, according to a preliminary tsunami disaster needs assessment released yesterday by the ADB, the United Nations Development Programme (UNDP), and the World Bank.

The assessment was prepared in close cooperation with the Government of the Maldives and sets out clear guiding principles for the reconstruction strategy. It estimates total damages in the Maldives to be approximately US$470 million, which is close to 62 percent of GDP. Most of the losses were concentrated in housing and tourism, with education, fishing, and transport also heavily affected. About US$120 million of external financing will be required in the short term over the next six months.