The Asian Development Bank (ADB) has approved a second $500 million loan for the Philippines to enhance its disaster risk reduction and management capabilities. The loan, part of the 'Second Disaster Resilience Improvement Program,' aims to provide quick access to financing during natural calamities or health-related emergencies.
Manila, Philippines—The Asian Development Bank approved a second $500 million loan for the disaster-prone Philippines on Wednesday, allowing the country quick access to financing during natural calamities or health-related emergencies.
“The Philippines is one of the fastest growing economies in Southeast Asia but is at high risk for earthquakes, volcanic eruptions, typhoons, rising sea levels, and flooding,” ADB country director Pavit Ramachandran said in a statement. The ADB granted the Philippines a first tranche of $500 million in September 2020, making this the “Second Disaster Resilience Improvement Program.”
Development DISASTER PREPAREDNESS PHILIPPINE ISLANDS ASIAN DEVELOPMENT BANK LOAN CLIMATE CHANGE
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