The Asian Development Bank (ADB) and the World Bank on Monday signed an agreement to strengthen their coordination in providing support for a flagship program to rebuild areas ravaged by super typhoon Haiyan in the Philippines.
The agreement was signed by ADB's Philippine Country Director Richard Bolt and World Bank's Country Director Motoo Konishi in Ormoc city in the central Philippine province of Leyte. Leyte province was one of the provinces hit hardest by typhoon Haiyan last November.
The Manila-based lender is providing a loan of 372.1 million U. S. dollars to the Philippine government's KALAHI-CIDSS-National Community Driven Development Program to help restore basic social services and rebuild communities in areas ravaged by the typhoon.
The World Bank is providing a loan of 497 million U.S. dollars for the program which will be implemented starting this year until 2019.
The ADB said in a statement that the flagship program supports community volunteers in identifying, prioritizing, budgeting, and implementing needed projects, such as water supply systems, schools, and health stations.
The project is part of a total of 900 million U.S. dollars package of emergency grants and loans that ADB provided to support the reconstruction of areas affected by typhoon Haiyan.
To coordinate, accelerate, and monitor the use of funds, the Manila-based lender opened an office in Tacloban city in February.