ADB Launches $9 Billion Facility to Help Members Access and Distribute COVID-19 Vaccines

Manila: The Asian Development Bank (ADB) has launched a $9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility (APVAX)—offering rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines.

“As ADB’s developing members prepare to vaccinate their people as soon as possible, they need financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the vaccination process,” said ADB President Masatsugu Asakawa.

APVAX will play a critical role in helping our developing members meet these challenges, overcome the pandemic, and focus on economic recovery.

More than 14.3 million positive cases have been identified in Asia and the Pacific, causing more than 200,000 deaths. As the pandemic persists, economic growth in developing Asia is projected to contract by 0.4% in 2020—the first regional gross domestic product contraction since the early 1960s.

Promoting safe, equitable, and effective access to vaccines is a top priority for ADB’s COVID-19 response efforts. Vaccination programs can break the chain of virus transmission, save lives, and mitigate the negative economic impacts of the pandemic by restoring confidence in people’s ability to work, travel, and socialize safely, the ADB said.

The APVAX provides a comprehensive framework and resource envelope for supporting developing Asia’s vaccine access, using two complementary components.

The Rapid Response Component will provide timely support for critical vaccine diagnostics, procurement of vaccines, and transporting vaccines from the place of purchase to ADB’s developing members.