Manila Bulletin
ADB jacks up funds to help members cope with pandemic-induced crisis
The Asian Development Bank (ADB) has allocated $6.5 billion in financial aid to its developing member-countries, including the Philippines, to combat the COVID-19 pandemic.
The package includes $3.6 billion for public sector responses to the health and economic impacts of the pandemic, alongside $1.6 billion for the private sector, specifically targeting micro, small, and medium-sized enterprises and trade.
Additionally, the ADB plans to mobilize approximately $1 billion in concessional resources through reallocations and contingency assessments, along with $40 million in technical assistance and grants.
To expedite aid delivery, the ADB will adjust its financing instruments and processes, potentially offering faster emergency budget support and streamlined procedures for policy-based lending and procurement.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Asian Development Bank (ADB) is launching a $200 million loan facility to support companies involved in the manufacturing and distribution of essential goods needed to combat the coronavirus disease 2019 (COVID-19).
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The Philippines will receive a $3-million grant from the Asian Development Bank (ADB) to purchase emergency medical supplies and equipment for its COVID-19 response.
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