ADB Provides $41 Million to Help Cook Islands, FSM, Marshall Islands, Tuvalu and Vanuatu Respond to Disasters

MANILA, PHILIPPINES (28 June 2024) — The Asian Development Bank (ADB) has approved $41 million in contingent disaster financing to help the Cook Islands, Marshall Islands, the Federated States of Micronesia (FSM), Tuvalu, and Vanuatu respond to disasters triggered by natural hazards and health emergencies.

The support comes from the fifth phase of the Pacific Disaster Resilience Program and will provide the Cook Islands with a $ 20 million loan (in New Zealand dollar equivalent), the Marshall Islands with a $6 million grant, the FSM with a $6 million grant, Tuvalu with a $4 million grant, and Vanuatu with a $5 million grant. All five countries have made significant progress in strengthening their capacity to manage and reduce disaster risks, and to prepare for and respond to disasters triggered by natural hazards and health emergencies, which build on the previous phases of the program. 

“In the event of a disaster, the ADB-supported Pacific Disaster Resilience Program will provide the participating countries with quick disbursing, flexible budget support to expedite the recovery process,” said ADB Director General for the Pacific Leah Gutierrez.

The program fills a financing gap in the Pacific region while supporting policy reforms that align with budgetary planning for recurring and emerging disasters and health emergencies. 

The project 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). The ADF provides grants to ADB’s poorest and most vulnerable developing member countries.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.