ADB launches $9bn initiative to help nations procure Covid vaccines

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ISLAMABAD: The Asian Development Bank launched on Friday 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 vaccines for coronavirus disease (Covid-19).

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.

“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,” Asakawa said.

ADB financing for vaccines will be provided in close coordination with other development partners including the World Bank Group, World Health Organisation (WHO), Covid-19 Vaccines Global Access Facility (COVAX), GAVI, and bilateral and multilateral partners.

Promoting safe, equitable, and effective access to vaccines is a top priority for ADB’s Covid-19 response efforts. Vaccination programmes 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 socialise safely.

ADB is also making available a $500 million Vaccine Import Facility to support the efforts of its developing members to secure safe and effective vaccines, as well as the goods that support distribution and inoculation. The facility is part of ADB’s Trade and Supply Chain Finance Programme.

AAA-guarantees available through the programme’s vaccine import facility will mitigate payment risks and facilitate import of these goods. This will employ the same eligibility criteria on vaccines as COVAX. co-financing with private sector partners could result in the Import Facility supporting $1 billion in vaccine and related imports within a year.

In April, ADB approved a $20 billion package to support its developing members in addressing the impacts of the pandemic and streamlined some procedures to deliver quicker and more flexible assistance.

The ADB has committed $14.9 billion in loans, grants, and technical assistance, including $9.9 billion in quick-disbursing budget support from the Covid-19 Pandemic Response Option (CPRO) and support for the private sector.

In November, ADB announced $20.3 million in additional technical assistance to establish systems to enable efficient and equitable distribution of vaccines across Asia and the Pacific.