The Asian Development Bank (ADB) has introduced a new financing mechanism—contingent disaster financing (CDF)—to support its developing member countries in strengthening disaster preparedness and provide quick-disbursing budget support following natural disasters.
“CDF will provide a quick and flexible source of funds for developing member countries affected by disasters until funds from other sources become available,” a statement from ADB quoted Director General of ADB’s Strategy, Policy, and Partnerships Department Tomoyuki Kimura as saying on Friday. “It will also help promote greater preparedness and risk management in developing member countries prone to disasters.”
