MANILA – The Asian Development Bank (ADB) said today it has approved a US$400 million (RM1.65 billion) loan to help the Philippines purchase safe and effective vaccines against Covid-19, reported Xinhua news agency.
The Manila-based bank said the Philippines is the first recipient of financing support under ADB’s Asia Pacific Vaccine Access Facility (Apvax). The new loan will help the country save lives and allow Filipinos to return to “normal life as soon as possible”, it added.
The ADB said the project will assist the Philippine Health Department in procuring and ensuring delivery to the country of vaccines certified by WHO-led Covid-19 Vaccines Global Access (Covax) facility and bilateral vaccine suppliers that meet Apvax eligibility criteria.
It added the project will be supported by US$300 million in co-financing from the Asian Infrastructure Investment Bank (AIIB).
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.
The Philippines has one of the highest numbers of Covid-19 infections in Southeast Asia, with 607,048 confirmed cases as of yesterday, including 12,608 deaths.
Apvax is ADB’s US$9 billion vaccine initiative offering rapid and equitable support to its developing members as they procure and deliver effective and safe Covid-19 vaccines.
On March 1, the Philippines began its vaccinations of front-line healthcare workers using a batch of Sinovac vaccines donated by China. The country last week also received an additional 525,600 doses of AstraZeneca vaccines from Covax.
The Philippines is negotiating a purchase of over 160 million vaccine doses from different pharmaceutical firms this year.
The government aims to vaccinate up to 70 million Filipinos of the 110 million population this year to achieve herd immunity, starting with healthcare workers, the elderly, and the poor. – Bernama, March 12, 2021
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