Phillipines gets US$400 mln loan from ADB for COVID-19 vaccine purchase

Photo courtesy of Asian Development Bank (ADB)

MANILA, March 12 – The Philippines has received a US$400 million loan from the Asian Development Bank’s (ADB) Asia Pacific Vaccine Access Facility (APVAX) to help the country purchase safe and effective vaccines against the coronavirus disease (COVID-19).  

In a press statement issued today, ADB’s President Masatsugu Asakawa said the financial support will boost the Philippine government’s urgent efforts to secure and deploy COVID-19 vaccines for all Filipinos, especially those who are vulnerable, such as frontline workers, the elderly, and poor and marginalized populations, as well as those at increased risk of severe illnes.

“COVID-19 vaccines are critical to accelerating the recovery of the Philippine economy, rebuilding livelihoods, and restoring quality jobs. With this financing, ADB seeks to help the country save lives and allow Filipinos to return to normal life as soon as possible.”

The project will be supported by $300 million in cofinancing from the Asian Infrastructure Investment Bank (AIIB). The 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 statement said. The Philippines has one of the highest numbers of COVID-19 infections in Southeast Asia, with more than 600,000 confirmed cases as of 11 March.

.APVAX is ADB’s $9 billion vaccine initiative offering rapid and equitable support to its developing members as they procure and deliver effective and safe COVID-19 vaccines.

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.