ADB triples COVID-19 response package to 20 billion USD
(VOVWORLD) - The Asian Development Bank on Monday tripled the size of its response to the COVID-19 pandemic to 20 billion USD and approved measures to streamline its operations for quicker, more flexible delivery of assistance.
The package expands its 6.5 billion USD initial response announced on March 18, adding 13.5 billion USD in resources to help developing countries counter the severe economic and health impacts of the pandemic.
According to the ADB, the new package establishes a COVID-19 Pandemic Response Option under ADB’s Countercyclical Support Facility.
Grant resources will continue to be deployed quickly to provide medical and personal protective equipment and supplies from expanded procurement sources. Some 2 billion USD of the 20 billion USD package will be made available to the private sector.