ADB $9-B facility to help developing members purchase COVID-19 vaccines

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(FILE PHOTO)

Metro Manila (CNN Philippines, December 12) — The Asian Development Bank (ADB) launched a $9-billion facility on Friday to help developing nations access and distribute vaccines.

In a statement, the Manila-based multilateral lender said it established the Asia Pacific Vaccine Access Facility (APVAX) to provide equitable support among its member-developing countries in their purchase and delivery of safe and effective COVID-19 vaccines.

ADB President Masatsugu Asakawa said the program will break the chain of virus transmission, save lives, and mitigate the pandemic's economic impact.

"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 Asakawa. "APVAX will play a critical role in helping our developing members meet these challenges, overcome the pandemic, and focus on economic recovery."

ADB said APVAX seeks to provide timely support for critical vaccine diagnostics, procurement of vaccines, and transporting vaccines from the place of purchase.

The ADB vaccine initiative is also geared towards supporting investments related to COVID-19 vaccines such as developing or expanding vaccine manufacturing capacity, cold-chain storage and transportation, vehicles, distribution infrastructure, processing facilities, and other physical outlays.

The ADB partnered with the World Bank Group, World Health Organization, COVID-19 Vaccines Global Access Facility or COVAX, GAVI, and other bilateral and multilateral partners to finance the program.