US$ 500 million for Philippines reconstruction

The Asian Development Bank (ADB) is to provide a US$ 23 million grant for immediate relief to typhoon-ravaged areas in the Philippines, and a further emergency loan of US$ 500 million to support reconstruction.

The emergency funds come after communities in the Philippines were devastated by Typhoon Haiyan.

One of the most powerful storms ever recorded on land, it made landfall on the eastern and central islands of the Philippines on 8 November.

The storm flattened buildings, uprooted trees and sent a huge storm surge into coastal areas. Over 2,300 people are confirmed to have died.

“We are working in close collaboration with the government and all other international agencies to provide hope and rebuild the lives of more than 11 million people affected by what is being described as one of the Philippines’ worst ever natural disasters,” said ADB president Takehiko Nakao.