In a recent report entitled “Response to natural disasters and disaster risks”, the bank said regional countries need to better prepare for disasters and adapt to climate change to minimise their impacts.
It will provide funds, and coordinate aid and technical assistance to prevent catastrophes in Asia.
In conjunction with the Japanese Finance Ministry, the bank is formulating a cooperation programme with the World Bank to manage disaster-induced financial risks and offer insurances to ASEAN member countries.
According to the report, the Asia–Pacific region generated one quarter of gross domestic products worldwide from 1980 to 2009, but suffered 38 per cent of global economic losses caused by natural disasters.
In the last two decades, Asia has born half the global economic loss - nearly $927 billion. The region loses an average of $40 billion each year to disasters. Countries susceptible to natural disasters that result in great human and economic losses include Vietnam, Bangladesh and the Philippines.