US$ 8 billion cost of Philippines reconstruction
20 December 2013
Reconstruction costs in the Philippines after Typhoon Haiyan, which made landfall on the eastern and central islands of the Philippines on 8 November, are estimated to exceed US$ 8 billion, according to the Asian Development Bank (ADB).
The ADB said it was ready to provide over US$ 1 billion in support for reconstruction. It approved a US$ 500 million emergency loan directly after the storm, and has added an extra US$ 400 million to this figure to support infrastructure reconstruction and climate resilience initiatives in communities.
In addition to those loans and grants, the ADB said up to US$ 150 million from ongoing projects could also be reallocated to support rebuilding efforts.
The ADB said it was also establishing a field office in Tacloban to help implement projects as part of the government’s reconstruction plan.
The World Bank has also pledged US$ 500 million in financial assistance, while construction equipment manufacturers have donated machines and funds.
One of the most powerful storms ever recorded on land, Typhoon Haiyan flattened buildings, uprooted trees and sent a huge storm surge into coastal areas. Over 5,000 people are confirmed to have died.