ADB launches US$9b Asia Pacific Vaccine Access Facility
The Asian Development Bank (ADB) has launched a US$9 billion vaccine initiative, the Asia Pacific Vaccine Access Facility (APVAX), offering rapid and equitable support to its developing members to procure and deliver effective and safe Covid-19 vaccines.
President Masatsugu Asakawa said ADB’s developing members needed financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably and efficiently manage the vaccination process...
The Asian Development Bank (ADB) has launched a US$9 billion vaccine initiative, the Asia Pacific Vaccine Access Facility (APVAX), offering rapid and equitable support to its developing members to procure and deliver effective and safe Covid-19 vaccines.
President Masatsugu Asakawa said ADB’s developing members needed financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably and efficiently manage the vaccination process.
“APVAX will play a critical role in helping its developing members to meet these challenges, overcome the pandemic and focus on economic recovery,” he said in a statement today.
According to ADB, 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.
“(Meanwhile,) the project investment component will support investments in systems for successful distribution, delivery and administration of vaccines along with associated investments in building capacity, community outreach and surveillance,” it said.
ADB said the second component might include areas such as cold-chain storage and transportation, vehicles, distribution infrastructure, processing facilities and other physical investments.
It also may be used to develop or expand vaccine manufacturing capacity in developing members.
The bank said financing for vaccines would be provided in close coordination with other development partners including the World Bank Group, World Health Organization, Covid-19 Vaccines Global Access Facility (Covax), vaccine alliance Gavi as well as bilateral and multilateral partners.
“ADB is also making available a US$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.
“AAA-guarantees available through the programme’s vaccine import facility will mitigate payment risks and facilitate import of these goods, which will employ the same eligibility criteria on vaccines as Covax,” it said.
It added that co-financing with private sector partners could result in the import facility supporting US$1 billion in vaccine and related imports within a year.
Covid-19 has recorded more than 14.3 million positive cases in Asia and the Pacific, causing more than 200,000 deaths.
As the pandemic persisted, economic growth in developing Asia is projected to contract by 0.4 percent in 2020, the first regional gross domestic product contraction since the early 1960s.
Established in 1966, ADB is owned by 68 members, of which 49 are from the region.
- Bernama
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