MANILA, Philippines -- The Asian Development Bank is offering $523 million to help the Philippines in the aftermath of last week's powerful typhoon.
The Manila-based regional development bank is providing $23 million in immediate grants, mostly funded by one of its leading shareholders, Japan. The bank said Wednesday it also stands ready to provide a $500 million emergency loan to help reconstruction of devastated communities.
ADB President Takehiko Nakao said it would work closely with the Philippine government and other international agencies to help more than 11 million people affected by the typhoon.
Foreign donors have been quick to offer up assistance to the Philippines. But logistical bottlenecks are holding up relief goods reaching areas worst-hit by the typhoon that left thousands dead and 600,000 people displaced.
