Cook Islands Adb Tender

The Government of the Cook Islands have drawn down on a NZ15.7 million 10.3 million support from the Asian Development Banks ADB Disaster Resilience Program Phase 2 to help finance the governments response to the coronavirus disease COVID-19 pandemic.The second phase of the contingent disaster financing CDF program for the Cook Islands was approved in December 2019 to help manage the countrys fiscal risk from disasters triggered by natural hazards. The program provides a timely and reliable source of post-disaster financing to enable rapid decision making and implementation of priority actions. This will reduce the indirect economic and social cost of direct physical losses.ADB Director General for the Pacific Leah Gutierrez said The Cook Islands is among the tourism-dependent South Pacific economies that are bearing the brunt of the COVID-19 pandemic. The loan for the Cook Islands will help the economy in the face of the collapse in tourism and respond to emerging challenges.ADBs Board extended the scope of CDF programs on 13 April to include health-related emergencies allowing for the release of funds in response to COVID-19.The Cook Islands economy is experiencing a huge downturn. The closure of all ports to any arrivals has put a stop to the tourism industry which the Cook Islands Ministry of Finance and Economic Management estimates makes up 65 of the countrys economic activity. The COVID-19 pandemic directly impacts trade flows while also affecting construction activity.ADB is committed to achieving a prosperous inclusive resilient and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966 it is owned by 68 members49 from the region.