HANOI – The Asian Development Bank (ADB) yesterday launched a US$9 billion (RM36.46 billion) Covid-19 vaccine initiative, namely the Asia-Pacific Vaccine Access Facility (Apvax), that will offer rapid and equitable support to developing members as they procure and deliver effective and safe coronavirus vaccines.
ADB president Masatsugu Asakawa said as the bank’s developing members prepare to vaccinate their populations as soon as possible, they need financing to procure vaccines, as well as the appropriate plans and knowledge to be able to safely, equitably and efficiently manage the vaccination process.
“Apvax will play a critical role in helping our developing members meet these challenges, overcome the pandemic, and focus on economic recovery,” he was reported as saying by the Vietnam News Agency.
The initiative provides a comprehensive framework and resource envelope to support developing Asia’s vaccine access, using two complementary components.
The rapid response component will provide timely support for critical vaccine diagnostics, the procurement of vaccines, and the transport of vaccines from the place of purchase to ADB’s developing members, said Asakawa.
He said the ADB financing will be provided in close coordination with partners including the World Bank, World Health Organisation, Covax and Gavi, among others.
ADB is also making available a US$500 million vaccine import facility to support the efforts of developing members to secure vaccines, as well as the goods that support distribution and inoculation.
In April, ADB approved a US$20 billion package to help developing members address the impact of the coronavirus pandemic, and streamlined procedures to deliver quicker and more flexible assistance.
The bank has committed US$14.9 billion in loans, grants and technical assistance, including US$9.9 billion in quick-disbursing budget support from the Covid-19 Pandemic Response Option.
Last month, it announced US$20.3 million in additional technical assistance to establish systems that enable the efficient and equitable distribution of vaccines across Asia and the Pacific.
More than 14.3 million cases have been registered in the Asia-Pacific region, with over 200,000 deaths.
As the pandemic persists, economic growth in developing Asia is projected to contract by 0.4% this year – the first regional gross domestic product contraction since the early 1960s. – Bernama, December 12, 2020
