ADB Approves $41 Million in Disaster Financing for Pacific Island Nations

Leah Gutierrez, ADB Director General for the Pacific, emphasized the program's role in providing swift and flexible budget support to expedite recovery efforts in the event of disasters.

The Asian Development Bank (ADB) has greenlit a $41 million package in contingent disaster financing aimed at assisting the Cook Islands, Marshall Islands, the Federated States of Micronesia (FSM), Tuvalu, and Vanuatu in responding to disasters triggered by natural hazards and health emergencies.

This support is part of the fifth phase of the Pacific Disaster Resilience Program, designed to enhance the resilience of Pacific island nations to natural disasters and health crises. The funding allocation includes a $20 million loan (in New Zealand dollar equivalent) for the Cook Islands, alongside grants of $6 million each for the Marshall Islands and FSM, $4 million for Tuvalu, and $5 million for Vanuatu. These resources build on previous phases of the program and reflect the countries' progress in bolstering disaster risk management capabilities.

Leah Gutierrez, ADB Director General for the Pacific, emphasized the program's role in providing swift and flexible budget support to expedite recovery efforts in the event of disasters. The initiative aims to bridge financing gaps in the Pacific region while promoting policy reforms aligned with budgetary planning for both recurrent and emerging disasters and health emergencies.

The project is financed through a $20 million concessional loan from ADB's ordinary capital resources and a $21 million grant from the Asian Development Fund (ADF). The ADF grants support ADB’s efforts in its poorest and most vulnerable member countries, facilitating critical investments in disaster resilience and response capabilities.

For more information about ADB's disaster resilience initiatives and the Pacific Disaster Resilience Program, visit ADB's official website at www.adb.org.