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ADB Approves Policy Changes on Disaster and Emergency Assistance

10/07/2021 | 03:27am EST

MANILA, PHILIPPINES (7 October 2021) - The Asian Development Bank (ADB) has approved changes to its policies to efficiently support disaster and emergency risk management in its developing member countries (DMCs).

The Revised Disaster and Emergency Assistance Policy (RDEAP) and the Revised Emergency Assistance Loan Policy (REALP) together replace the 2004 Disaster and Emergency Assistance Policy. The revised policies aim to enhance disaster and emergency resilience and provide DMCs with timely financing support immediately after a disaster or emergency.

"ADB recognizes that resilience is a pillar of sustainable development," said ADB Sustainable Development and Climate Change Department Principal Disaster Risk Management Specialist Charlotte Benson. "The revised policies will remove bottlenecks in providing support to our DMCs and ensure not only that they have access to finance in the aftermath of a disaster, but that they also have the capacity to mitigate disaster risks."

The RDEAP provides a revised overarching framework guiding ADB's engagement in disaster and emergency risk management. The policy seeks to build physical, eco-based, financial, and social resilience. It balances emphasis on risk reduction, preparedness, and response based on strong risk analytics and promotes integrated actions to enhance climate and disaster resilience. The policy places increased emphasis on financing arrangements for residual risk, supporting more timely and effective post-emergency support.

The REALP will focus on the rapid approval of loans to help rebuild and restore economic, social, and governance activities after disasters triggered by natural hazards, health emergencies, food insecurity, technological and industrial accidents, and post-conflict situations. Along with the RDEAP, it aims to support DMCs' efforts to enhance their resilience to emergencies.

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.

Disclaimer

ADB - Asian Development Bank published this content on 07 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2021 07:26:04 UTC.


© Publicnow 2021
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