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ADB extends $350-million immediate aid for quake relief

The Asian Development Bank said on Tuesday that it would provide about $350 million in immediate financial assistance for the rehabilitation and rebuilding of infrastructure facilities in the earthquake-hit areas of India.

A massive earthquake struck Gujarat last Friday, killing at least 20,000 people.

The assistance would be made available from the proceeds of existing loans. In addition, new loans would be provided, ADB president Tadao Chino said in a statement.

"We are also ready to extend all the financial and technical assistance within our capacity to help the Gujarat and the Government of India restore the affected areas," he said.

The ADB's financial assistance was in response to a request from India's Finance Minister Yashwant Sinha.

Indian officials and businessmen expect the cost of rebuilding in Gujarat to run into several billion dollars.

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