ADB, Japan Announce New Financing Partnership Facility to Enhance Disaster Resilience in Asia and the Pacific

The Asian Development Bank (ADB) has announced a new financing partnership facility, established with the Government of Japan as an initial financing partner, to help ADB developing member countries (DMCs) strengthen disaster resilience and regional cooperation.

The Pre-Arranged Resources for Enhancing Preparedness and Resilience financing partnership facility (PREPARE) will be administered by ADB. It will include a Pacific Trust Fund (P-PREPARE) with an initial contribution of $2.9 million from Japan. PREPARE is ADB’s first financing partnership facility focusing on disaster risk finance (DRF). It will be an overarching platform to enable collective action while accommodating diverse risk profiles and institutional capacities across DMCs and amplifying subregional efforts.

The fund will also provide targeted support for the Pacific Catastrophe Risk Insurance Company, a regional disaster risk insurance provider owned by Pacific countries, to boost financial resilience by enabling rapid insurance payouts during disasters.

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