$400 million ADB loan to help Philippines purchase Covid-19 vaccines

The Philippines has become the first recipient of financing support under the Asian Development Bank's (ADB's) Asia Pacific Vaccine Access Facility (APVAX) with approval of a 400 million dollar loan that will help the country purchase safe and effective vaccines against the coronavirus disease (Covid-19).

APVAX is ADB's 9 billion dollar vaccine initiative offering rapid and equitable support to its developing members as they procure and deliver effective and safe Covid-19 vaccines.

"ADB's support will boost the Philippine government's urgent efforts to secure and deploy Covid-19 vaccines for all Filipinos -- especially those who are vulnerable like frontline workers, the elderly, poor and marginalised populations as well as those at increased risk of severe illness," said ADB President Masatsugu Asakawa.

"COVID-19 vaccines are critical to accelerating the recovery of the Philippine economy, rebuilding livelihoods and restoring quality jobs. With this financing, ADB seeks to help the country save lives and allow Filipinos to return to normal life as soon as possible," he said.

The project will be supported by 300 million dollars in co-financing from the Asian Infrastructure Investment Bank (AIIB). The ADB and AIIB loans will together fund the procurement of up to 110 million doses of Covid-19 vaccines for as many as 50 million Filipinos.

( With inputs from ANI )

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