$9 billion ADB facility for members to access, distribute Covid-19 vaccines

Manila [The Philippines], Dec 11 (ANI): The Asian Development Bank (ADB) has launched a 9 billion dollar vaccine initiative -- the Asia Pacific Vaccine Access Facility (APVAX) -- offering rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (Covid-19) vaccines.
"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 ADB President Masatsugu Asakawa.
"APVAX will play a critical role in helping our developing members meet these challenges, overcome the pandemic and focus on economic recovery," he said in a statement on Friday.
More than 14.3 million positive cases have been identified in Asia and the Pacific, causing more than 200,000 deaths. As the pandemic persists, economic growth in developing Asia is projected to contract by 0.4 per cent in 2020 -- the first regional gross domestic product contraction since the early 1960s.
Promoting safe, equitable and effective access to vaccines is a top priority for ADB's Covid-19 response efforts. Vaccination programmes can break the chain of virus transmission, save lives and mitigate the negative economic impacts of the pandemic by restoring confidence in people's ability to work, travel and socialise safely.
The APVAX provides a comprehensive framework and resource envelope for supporting developing Asia's vaccine access, using two complementary components. The Rapid Response Component will provide timely support for critical vaccine diagnostics, procurement of vaccines and transporting vaccines from the place of purchase to ADB's developing members.
The Project Investment Component will support investments in systems for successful distribution, delivery, and administration of vaccines along with associated investments in building capacity, community outreach and surveillance.
This may include such areas as cold-chain storage and transportation, vehicles, distribution infrastructure, processing facilities and other physical investments. The component may also be used to develop or expand vaccine manufacturing capacity in developing members.
ADB financing for vaccines will be provided in close coordination with other development partners including the World Bank Group, World Health Organisation (WHO), Covid-19 Vaccines Global Access Facility (COVAX), GAVI, and bilateral and multilateral partners.
In April, ADB approved a 20 billion dollar package to support its developing members in addressing the impacts of the pandemic and streamlined some procedures to deliver quicker and more flexible assistance.
ADB has committed 14.9 billion dollars in loans, grants, and technical assistance, including 9.9 billion dollars in quick-disbursing budget support from the Covid-19 Pandemic Response Option (CPRO) and support for the private sector.
In November, ADB announced 20.3 million dollars in additional technical assistance to establish systems to enable efficient and equitable distribution of vaccines across Asia and the Pacific. (ANI)