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ADB, WB Ink Pact to Harmonize Support for Typhoon-Hit Philippine Towns

June 23, 2014

TEHRAN (FNA)- The Asian Development Bank (ADB) and the World Bank (WB) on Monday signed an agreement to strengthen their coordination in providing support for a flagship program to rebuild areas ravaged by super typhoon Haiyan in the Philippines.

"The agreement was signed by ADB'sPhilippine Country Director Richard Bolt and World Bank's Country Director Motoo Konishi in Ormoc city in the central Philippine province of Leyte," Xinhua reported. "The Manila-based lender is to provide a loan of USD 372.1 mln to the Philippine government's KALAHI-CIDSS-National Community Driven Development Program to help restore basic social services and rebuild communities in areas ravaged by the typhoon," the report said. "The World Bank will provide a loan of USD 497 mln for the program which will be implemented starting this year until 2019," it added. The ADB said in a statement that the flagship program supports community volunteers in identifying, prioritizing, budgeting, and implementing needed projects, such as water supply systems, schools, and health stations. The project is part of a total of USD 900 mln package of emergency grants and loans that ADB provided to support the reconstruction of areas affected by the typhoon Haiyan. To coordinate, accelerate, and monitor the use of funds, the Manila-based lender opened an office in Tacloban city in February.        

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Source: FARS News Agency

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