ADB okays $900M Yolanda aid, opens office in Tacloban

TANAUAN, LEYTE, Philippines — Close to US$900 million in assistance to Yolanda survivors had been approved by the Manila-based Asian Development Bank (ADB), which also announced the opening of its extension office in Tacloban City.

ADB president Takehiko Nakao, told local reporters that the bank’s aid was for immediate recovery efforts and long term reconstruction and rehabilitation, itemized as follows:

$3 million grant for emergency assistance; $20 million grant from the Japan Fund for Poverty Reduction; $372 million loan to expand an existing community-driven developmet program into typhoon affected areas; and $500 million loan for budget support to the government to cover costs associated with the relief and recovery efforts, .

Nakao, in his visit to this Yolanda-ravaged town, said the ADB has opened an extension office in Tacloban to coordinate and monitor the use of funds, as well as advise LGUs on the recovery works complete with technical back-ups.  (FREEMAN)