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| Sunday, 27 February 2005 |
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ADB approves US $ 7 m loan MANILA, Feb 26 (AFP) - The Asian Development Bank (ADB) said here Saturday it had shifted seven million dollars from a rural finance loan towards aid for tsunami-affected communities in Sri Lanka. The funds, originally part of a rural finance development project approved in 2003, will instead be lent out in microcredit loans to households devastated by the December 26 tsunami that hit the region. The reallocation is expected to reach 14,000 households, the ADB said in a statement from its headquarters in the Philippine capital. "Emergency credit will help them quickly overcome the massive disruption and shock they have experienced to their livelihoods and income sources," the ADB added. An assessment by the ADB and other foreign lenders found that Sri Lanka will need more than 1.5 billion dollars for its reconstruction and rehabilitation effort following the December disaster which left at least 31,000 dead in that country. The quake-spawned tsunami also destroyed an estimated 400,000 jobs in 200,000 affected families, of which three quarters were already among poor and low income households, the ADB said. |
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