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Copyright © 2024 CGTN. 京ICP备20000184号
Disinformation report hotline: 010-85061466
The Asian Development Bank (ADB) on Friday said it has approved $41 million in contingent disaster financing to help the Cook Islands, Marshall Islands, the Federated States of Micronesia (FSM), Tuvalu, and Vanuatu respond to disasters triggered by natural hazards and health emergencies.
Containers were tossed across the island of Roi-Namur by a storm surge in the Marshall Islands, January 21, 2024. /CFP
The support comes from the fifth phase of the Pacific Disaster Resilience Program and will provide the Cook Islands with a $20-million loan, the Marshall Islands with a $6-million grant, the FSM with a $6-million grant, Tuvalu with a $4-million grant, and Vanuatu with a $5-million grant.
The ADB said all five countries have made significant progress in strengthening their capacity to manage and reduce disaster risks, prepare for and respond to disasters triggered by natural hazards, and respond to health emergencies, which builds upon the previous phases of the program.
The program fills a financing gap in the Pacific region while supporting policy reforms that align with budgetary planning for recurring and emerging disasters and health emergencies.
The project is financed by a $20-million concessional loan from the ADB's ordinary capital resources and a $21-million grant from the Asian Development Fund (ADF).
"In the event of a disaster, the ADB-supported Pacific Disaster Resilience Program will provide the participating countries with quick disbursing, flexible budget support to expedite the recovery process," said ADB Director General for the Pacific Leah Gutierrez.
(Cover: An aerial view of a surge of unexpected waves swamping the island of Roi-Namur in the Marshall Islands, January 21, 2024. /CFP)