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ADB Launched $9B COVID-19 Vaccine Facility

Friday, December 11, the Asian Development Bank (ADP) launched a $9-billion facility to help developing nations access and distribute vaccines.

The Asia Pacific Vaccine Access Facility will help the bank’s low- and middle-income member countries in the procurement and delivery of COVID-19 vaccines.

The announcement comes amid global interest and demand for COVID-19 vaccines, one of which has received regulatory approval from a few high-income countries.

According to ADB President Masatsugu Asakawa in a video message, estimated losses in low- and middle-income Asian economies for 2020 could be anywhere between $1.4 trillion and $2.2 trillion.

As ADB’s developing members prepare to vaccinate their people as soon as possible, they need financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the vaccination process,” said Asakawa.

“APVAX will play a critical role in helping our developing members meet these challenges, overcome the pandemic, and focus on economic recovery,” Asakawa added.

The ADB partnered with the World Bank Group, World Health Organization, COVID-19 Vaccines Global Access Facility or COVAX, GAVI, and other bilateral and multilateral partners to finance the program.

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