Manila, Philippines (BBN)-The Asian Development Bank (ADB) will provide a $3 million grant to Nepal to support immediate relief in the wake of the devastation caused in by a major earthquake.
On April 25, a strong earthquake measuring 7.8 on the Richter Scale created havoc in Nepal followed by aftershocks, making Kathmandu a city of dead.
The quake and aftershocks were also felt in neighbouring Bangladesh, India and China that led to death and destruction.
The ADB will provide the money immediately from the Asia Pacific Disaster Response Fund to meet humanitarian needs such as – tents, medical assistance, food and drinking water – in earthquake-hit areas, said a press statement quoting ADB President Takehiko Nakao.
This will be followed by up to $200 million additional resources for projects in the first phase of rehabilitation, added the statement that was issued on Monday.
The ADB chief also conveyed his deepest sympathy to the government and people of quake-hit Nepal.
ADB has established a Nepal Earthquake Response Team, that will join with UN agencies and other development partners to assess the damage and the long-term investment needs for reconstruction and rehabilitation, it added.
ADB has around $2 billion in ongoing projects in Nepal and provided $350 million in financial assistance in 2014.
ADB will work closely with the government to find ways to utilise the ongoing projects, including repurposing existing ADB loans, to address the urgent needs of the earthquake-hit areas.
ADB, established in 1966, based in Manila, including 67 members – 48 from the region – is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.