ADB provides VT616M grant for Vanuatu earthquake relief
January 2, 2025 9:45 pm | Posted in Business News | Share now TwitterFacebook
The Asian Development Bank (ADB) has provided US$5 million (approximately VT616,750,000) in contingent disaster financing to support emergency relief efforts in Vanuatu following the 7.3 magnitude earthquake that struck the capital Port Vila on 17 December.
The ADB confirmed this via a statement.
Fourteen people died in the quake, which caused major damage to reservoirs, power lines, commercial buildings, embassies, and a hospital.
ADB’s $5 million grant to Vanuatu comes from the 5th phase of the Pacific Disaster Resilience Programme, which also supported progress in strengthening the country’s capacity to manage and reduce disaster risks. The funds will support the government as it manages its emergency response.
“In times of disaster, fast-disbursing finance is critical to help the government quickly respond to the crisis, deliver emergency relief to those in need, and support the people of Vanuatu,” said ADB Pacific Liaison and Coordination Office Regional Director Shane Rosenthal.
The Pacific Disaster Resilience Programme enables Pacific countries to access funds quickly in an emergency while supporting policy reforms that build resilience in disaster risk management and preparedness. The programme is financed by a $20 million concessional loan from ADB’s ordinary capital resources and a $21 million grant from the Asian Development Fund (ADF).
