Indo-Asian News Service -> India-Economy/Disaster-Tsunami-ADB -> ADB floats multi-donor tsunami fund

Indo-Asian News Service -> India-Economy/Disaster-Tsunami-ADB -> ADB floats multi-donor tsunami fund: "ADB floats multi-donor tsunami fund
Indo-Asian News Service


New Delhi, Feb 17 (IANS) The Asian Development Bank (ADB) Thursday approved setting up a multi-donor Asian tsunami fund and made a $600 million initial contribution to provide emergency funding to affected countries including India.

Being set up to provide prompt emergency help, '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 now Thailand', an ADB statement said.

'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,' said Philip Erquiaga, principal director of ADB's office of co-financing operations. "