ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Coronavirus

ADB sets up $9bn coronavirus vaccine fund

Asia Pacific Vaccine Access Facility extends lifeline to COVID-hit economies

The Asian Development Bank has launched a $9-billion coronavirus vaccine fund for member economies in a bid to rejuvenate growth devastated by the pandemic. (Souce photos by AP/AFP/Jiji) 

MANILA -- The Asian Development Bank on Friday launched a $9-billion coronavirus vaccine fund for member economies, many of which have been ravaged by the pandemic.

Called Asia Pacific Vaccine Access Facility, the bank said that the initiative offers rapid and equitable support to its developing members as they procure and deliver COVID-19 vaccines, which are crucial for economic recovery.

The facility will be a welcome financial lifeline for economies in the region, which is projected to contract 0.4% this year, as the pandemic reverses nearly six decades of growth.

More than 14.3 million coronavirus cases and over 200,000 fatalities have been recorded in Asia and the Pacific, according to the ADB.

"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," ADB President Masatsugu Asakawa said in a statement.

"[Asia Pacific Vaccine Access Facility] will play a critical role in helping our developing members meet these challenges, overcome the pandemic, and focus on economic recovery," Asakawa said.

Countries such as Indonesia and the Philippines, which have among the highest coronavirus cases in the region, have placed orders from vaccine developers including China's Sinovac Biotech and the U.K.'s AstraZeneca in hopes of kick-starting economic recovery.

The ADB in April approved a $20 billion package to help its developing members survive the COVID-19 crisis. That facility is focused on supporting government expenditure programs and financing for private companies.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more