Multi-donor Asian Tsunami Fund approved by ADB
Posted on February 18, 2005 | Economy
The Asian Development Bank (ADB) approves the setting up of a multi-donor Asian Tsunami Fund on Thursday. The Asian Development Bank (ADB) approves the setting up of a multi-donor Asian Tsunami Fund on Thursday. "ADB's Board of Directors yesterday approved the setting up of a multi-donor Asian Tsunami Fund, with ADB making its own initial contribution of US$600 mn, to deliver prompt emergency funding to tsunami-affected countries," said a statement from the ADB on Friday.
The Fund will pool and deliver grants for emergency technical assistance and investment projects to support reconstruction and rehabilitation in India, Indonesia, Maldives, Sri Lanka, and Thailand.
"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," says Philip Erquiaga, Principal Director of ADB's Office of Co-financing Operations.
ADB will accept contributions to the Fund from bilateral, multilateral, and individual sources, including companies and foundations.