Philippine News Agency
ADB OKs $400-M loan to help PH purchase Covid vax
The Asian Development Bank (ADB) approved a $400 million loan to aid the Philippines in procuring COVID-19 vaccines.
This loan is the first to be approved from ADB's $9 billion Asia Pacific Vaccine Access (APVAX) facility.
The ADB loan will be co-financed by a $300 million loan from the Asian Infrastructure Investment Bank (AIIB).
Together, these loans total $700 million and are part of the Philippine government's vaccination program.
The financing is expected to cover the procurement of vaccines for at least 50 million Filipinos.
The ADB will pay vaccine suppliers directly and provide technical assistance in the vaccine rollout.
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