11:06:41 AM | 4/17/2020
The Asian Development Bank (ADB) recently tripled the size of its response to the novel coronavirus disease (Covid-19) pandemic to US$20 billion and approved measures to streamline its operations for quicker and more flexible delivery of assistance.
The package expands ADB’s initial response of US$6.5 billion announced on 18 March, by adding US$13.5 billion in resources to help ADB’s developing member countries counter the severe macroeconomic and health impacts caused by Covid-19. The US$20 billion package includes about US$2.5 billion in concessional and grant resources.
The new package includes the establishment of a Covid-19 Pandemic Response Option under ADB’s Countercyclical Support Facility. Up to US$13 billion will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programs to mitigate impacts of the Covid-19 pandemic. Some US$2 billion from the US$20 billion package will be made available for the private sector.
Source: Vietnam Business Forum
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