A man walks through rubble left behind by the tsunami that hit Banda Aceh, Indonesia in 2004. Photo by: Asian Development Bank / CC BY-NC-ND

MANILA — The Asian Development Bank’s board of directors approved a new multibillion-dollar financing mechanism early this month that’s designed to help member countries both prepare for and respond to disasters.

The contingent disaster financing, which will have as much as $4 billion in available financing from the bank’s different funding windows, is meant to cover disasters brought about by natural phenomena such as earthquakes, droughts, flooding, typhoons, and tsunami. It can be a quick resource for countries, “likely within days,” when a disaster hits, said Tomoyuki Kimura, ADB director-general of the strategy, policy, and review department.

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About the author

  • Ravelo jennylei

    Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.