ADB OKs $400-M loan for PH vaccines

The Asian Development Bank (ADB) approved a $400 million loan on Thursday to help the Philippines purchase COVID-19 vaccines.

This is part of ADB's Asia Pacific Vaccine Access Facility (APVAX), and it will be the first country to receive funding from this facility.

The World Bank also approved a separate $500 million loan, with an additional $300 million from the Asian Infrastructure Investment Bank (AIIB) bringing the total to $900 million for vaccine procurement.

ADB expects the loan agreement to be signed and effective within this month, directly paying vaccine suppliers to ensure timely delivery.