The Asian Development Bank (ADB) provided 6.5 billion US dollars aid package to address the immediate needs of its developing member countries as they respond to the novel coronavirus pandemic.
“This pandemic has become a major global crisis. It requires forceful action at national, regional, and global levels. We are formulating an aggressive set of actions to combat the pandemic; to protect the populations across the region; and to ensure economies will rebound as swiftly as possible,” ADB President Masatsugu Asakawa said.
The initial package includes funds for a range of responses to the consequences of the pandemic, as well as funds for micro, small, and medium-sized enterprises, and firms directly impacted. ADB will also mobilize about 1 billion US dollars in concessional resources through reallocations from ongoing projects..
ADB will adapt funding instruments and business processes to provide support packages to member developing countries quickly and flexibly.
The pandemic demands a coordinated response and strong collaboration among countries and organizations. ADB will further strengthen its close collaboration with the International Monetary Fund, the World Bank, regional development banks, and the World Health Organization, to ensure effective implementation of its COVID-19 response.