ADB Approves Another $2 Million to Help Asia and the Pacific Tackle Coronavirus
MANILA, PHILIPPINES (26 February 2020) — The Asian Development Bank (ADB) has approved a further $2 million to help developing countries in Asia and the Pacific contain the outbreak of the novel coronavirus (COVID-19) and improve resilience to this and other communicable diseases.
The funds will be available for all ADB developing member countries in updating and implementing their pandemic response plans, including buying emergency supplies and equipment; assessing health system and economic impacts to improve future resilience; and coordinating better regionally 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 in February, ADB provided $2 million in funds to strengthen the immediate response capacity in Cambodia, the People’s Republic of China (PRC), the Lao People’s Democratic Republic, Myanmar, Thailand, and Viet Nam. Over the longer term, this can be scaled up to focus on supporting pandemic preparedness and building resilience. ADB also provided a private sector loan of up to CNY130 million ($18.6 million) to Wuhan, PRC-based Jointown Pharmaceutical Group Co. Ltd. to enhance the distribution and supply of essential medicines and protective equipment.
Past epidemics have shown that impacts can rapidly extend 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.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.