“The Asian Development Bank (ADB) has approved 24-million dollars in contingent disaster financing for the second phase of the Pacific Disaster Resilience Program.
“This is aimed at strengthening and boosting disaster resilience efforts in Solomon Islands, the Federated States of Micronesia (FSM), the Marshall Islands and Tonga.
“ADB’s assistance will include a 3-million dollars policy-based loan and a 3-million dollars grant to Solomon Islands, and grants worth 6-million dollars each to FSM, the Marshall Islands, and Tonga.
“A statement from ADB said all the grants are financed from the ADB’s grant-based development financing vehicle.
“The policy-based loan comes from ADB’s ordinary capital resources.
“Meanwhile, ADB said the second phase will provide a second round of contingent disaster financing for Tonga, along with three new countries namely FSM, Marshall Islands, and Solomon Islands.
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