ADB announces USD6.5-B package to aid DMCs against COVID-19

The Asian Development Bank (ADB) announced a USD6.5-billion initial package to address the immediate needs of its developing member countries as they respond to the COVID-19 pandemic.

This rescue package includes $3.6 billion in sovereign operations for health and economic responses, $1.6 billion in nonsovereign operations for small businesses and impacted firms, and about $1 billion in concessional resources through reallocations from ongoing projects.

The ADB will also provide $40 million in technical assistance and quick-disbursing grants to support its member countries.