ADB offers $523 million in relief for Philippine typhoon victims

MANILA Wed Nov 13, 2013 2:47pm IST

Ruins of houses devastated by Typhoon Haiyan are pictured near a coastal town in Tacloban city, central Philippines November 13, 2013. REUTERS/Romeo Ranoco

Ruins of houses devastated by Typhoon Haiyan are pictured near a coastal town in Tacloban city, central Philippines November 13, 2013.

Credit: Reuters/Romeo Ranoco

Related Topics

MANILA (Reuters) - The Asian Development Bank (ADB) announced on Wednesday $523 million in disaster assistance for Philippine communities ravaged by super typhoon Haiyan, as authorities continued to struggle to bring relief to millions of victims.

The Manila-based lender said it would provide $23 million in grants to address immediate needs, the latest in a growing list of offers to the Philippines from around the world.

It also stands ready to provide the Philippines with a $500 million emergency loan to help reconstruct communities flattened by the one of the strongest storms ever recorded.

"We are working in close collaboration with the government and all other international agencies to provide hope and rebuild the lives of more than 11 million people affected by what is being described as one of the Philippines' worst ever natural disasters," ADB President Takehiko Nakao said in a statement.

The government has been overwhelmed by the force of the typhoon, which decimated large swathes of Leyte province where local officials have said they feared 10,000 people died, many drowning in a tsunami-like surge of seawater.

President Benigno Aquino said the officials had overstated the loss of life, saying the death toll was closer to 2,000 or 2,500.

The overall financial cost of the destruction was hard to assess. Initial estimates varied widely, with a report from German-based CEDIM Forensic Disaster Analysis putting the total at $8 billion to $19 billion.

(Reporting by Karen Lema; Editing by Nick Macfie)

FILED UNDER:

Reuters Showcase

Killer Unmasked

Killer Unmasked

'Jihadi John' killer from Islamic State beheading videos unmasked as Londoner.  Read | Video 

DLF Penalty

DLF Penalty

DLF says reviewing $8.4 million SEBI penalty.  Full Article 

Fresh Charges

Fresh Charges

Canadian woman accuses Bikram yoga founder of sexual assault.  Full Article 

Maid Abuse Case

Maid Abuse Case

Hong Kong woman jailed for six years for abusing Indonesian maid.  Full Article 

India's Growth Story

India's Growth Story

S&P raises India's GDP forecasts, says it's a bright spot in Asia.  Full Article 

Net Rules

Net Rules

Tougher Internet rules to hit cable, telecoms companies.  Full Article 

World Cup 2015

World Cup 2015

Full coverage of cricket world cup in Australia and New Zealand.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage