ADB OKs $2 million for anti-COVID-19 efforts

MANILA, Philippines — The Asian Development Bank (ADB) announced yesterday that it has approved another $2 million to support efforts to contain the COVID-19 outbreak and improve resistance to other communicable diseases. 

The funds will be available for all ADB developing member countries to update and implement their pandemic response plans, including purchase of emergency supplies and equipment; assessing health systems and economic impacts to improve future resilience; and improving regional coordination to prevent, detect, and respond to animal and human disease outbreaks.

The work will be conducted in close collaboration with the World Health Organization.

“The severity of the COVID-19 outbreak is escalating, and past disease outbreaks have had large impacts on social and economic development,” said ADB vice president for knowledge management and sustainable development Bambang Susantono. “ADB’s funding will help countries catalyze efforts to mitigate further damage to the health of families and economies and position them to better respond to the current and future outbreaks.”

Earlier this month, ADB provided $2 million in funds to strengthen the immediate response capacity in Cambodia, People’s Republic of China (PRC), Lao People’s Democratic Republic, Myanmar, Thailand and Vietnam. 

Over the longer term, this can be scaled up to focus on supporting pandemic preparedness and building resilience, said the multilateral bank. 

ADB also provided a private sector loan of up to $18.6 million to Wuhan-based Jointown Pharmaceutical Group Co. Ltd. to enhance the distribution and supply of essential medicines and protective equipment.

The bank said the impact of epidemics rapidly extends to all areas of a country’s economy, triggering fiscal shocks with long-term negative consequences that threaten stability and economic growth. 

Countries and businesses that rely on tourism are particularly vulnerable. Trade and supply chains also suffer.