ADB and Japan Launch Disaster Resilience Fund

Tashkent, Uzbekistan (UzDaily.com) — The Asian Development Bank (ADB) has announced the launch of a new financial partnership program in cooperation with the Government of Japan, which is acting as the initiative’s first donor. The program aims to strengthen the resilience of member countries to natural disasters and enhance regional cooperation in disaster risk management.

The new financial initiative is named Pre-Arranged Resources for Enhancing Preparedness and Resilience (PREPARE) and will be administered by the ADB. It includes a dedicated trust fund for the Pacific region — P-PREPARE — with initial funding from Japan amounting to US$2.9 million.

According to the ADB, PREPARE will be the bank’s first specialized financing platform focused on disaster risk financing. It is designed to provide a comprehensive approach to resource coordination, taking into account differences in countries’ vulnerability levels, institutional capacities, and risk profiles, while also supporting subregional initiatives.

ADB Pacific Director Emma Veve said the P-PREPARE fund will enable countries in the region to manage disaster risks more effectively by ensuring timely and sustainable financing for response and recovery efforts. She added that the initiative will strengthen regional cooperation and help build shared systems that enhance economic and climate resilience.

Fund resources will be used to develop analytical capacities, improve disaster risk financing tools, and support the design of relevant strategies. Particular attention will be given to innovative financial solutions and support for the Pacific Catastrophe Risk Insurance Company, which provides insurance payouts in the event of disasters.

The ADB noted that risk levels vary significantly across subregions, with Pacific states among the most vulnerable to climate and natural disasters. As an example, it cited the 7.3-magnitude earthquake in Vanuatu in 2024, which left more than 80,000 people in need of urgent assistance and caused approximately US$197 million in damage.

The bank already implements a wide range of support instruments in the region, including loans, grants, technical assistance, and contingent disaster financing mechanisms, as well as regional emergency response funds.

Founded in 1966, the Asian Development Bank comprises 69 member countries, 50 of which are in the Asia-Pacific region. The institution says it continues to deploy innovative financial tools and partnerships to promote resilient and inclusive development across the region.