Channelnewsasia.com: "Asian Development Bank sets up US$600 million tsunami fund
MANILA: The Asian Development Bank (ADB) said it would set up a US$600 million fund to deliver prompt emergency funding to Asian countries hit by the Indian Ocean tsunamis in December.
The Asian Tsunami Fund will deliver grants for emergency technical assistance and investment projects to support reconstruction and rehabilitation in India, Indonesia, Maldives, Sri Lanka and Thailand, the ADB said.
MANILA: The Asian Development Bank (ADB) said it would set up a US$600 million fund to deliver prompt emergency funding to Asian countries hit by the Indian Ocean tsunamis in December.
The Asian Tsunami Fund will deliver grants for emergency technical assistance and investment projects to support reconstruction and rehabilitation in India, Indonesia, Maldives, Sri Lanka and Thailand, the ADB said.
It will also accept and distribute contributions from bilateral, multilateral, and individual sources, including companies and foundations, the Philippines-based bank said in a statement.
The giant waves, triggered by a magnitude-9.0 quake from the Indian Ocean, killed nearly 300,000 people on December 26.
'We see this as a mechanism to attract funds from multiple donors for a structured, systematic and transparent flow of funds to tsunami affected countries, while upholding the strongest standards of governance,' said Philip Erquiaga, principal director of ADB's co-financing operations office.
Funding could be granted for public services such as water supply and sanitation, electricity and communications; infrastructure such as roads, railways and ports; health and education services; agriculture and fisheries; housing; restoring livelihoods; and containment of environmental damage.
The ADB said it would work with governments to deliver the aid packages and base its contributions on needs assessments that it has has been carrying out with the World Bank, UN and other agencies.
The fund takes ADB's total financial commitment on tsunami assistance to 775 million dollars, including 175 milli"
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