The Asian Development Bank has launched for its developing members APVAX- Asia Pacific Vaccine Access Facility. A 9 billion dollar vaccine initiative by the bank will offer rapid and equitable support to its developing members as they deliver and procure the safe and effective Coronavirus vaccines.
According to Masatsugu Asakawa, ADB President, as the developing members of ADB start preparing to vaccinate their people, they need financing for procuring the vaccines as well as for appropriate plans and knowledge to manage the vaccination process equitably, safely and efficiently.
#ADBNEWS: To help Asia & the Pacific return to normal as soon as possible, ADB today announced a new $9 billion vaccine facility to support government efforts to vaccinate their citizens. 1/3
— Asian Development Bank (@ADB_HQ) December 11, 2020
Read the announcement 🔽
He added that APVAX will play a crucial role in helping the developing members meet the challenges, to overcome the pandemic and to focus on economic recovery. As the effect of the pandemic continues, the economic growth in developing Asia has been projected to contract by 0.4% in 2020.
How APVAX will help the vaccination process in developing member nations? |
| The APVAX will be providing a comprehensive framework for supporting the developing Asia’s vaccine access with the use of two components: • The Rapid Response Component: It will be providing timely support for procurement of vaccines, critical vaccines diagnostics and transportation of vaccines from the place they have been purchased to the developing members of ADBs. • The Project Investment Component: It will be supporting investments in systems for successful delivery, distribution and the administration of vaccines. The component will also support associated investments in community outreach, building capacity and surveillance. It may include areas such as distribution infrastructure, cold-chain storage and transportation, vehicles, and other physical investments. The component by ADB may also be used for developing or expanding the capacity of manufacturing vaccines in the developing member nations. |
Why successful vaccination programs are significant?
Successful vaccination programmes can easily break the chain of virus transmission, can save lives and mitigate the pandemic’s negative impact on the economy by restoring people confidence in their ability to travel, work and socialize safely.
#ADBNEWS: President Masa said that promoting safe, equitable, and effective access to vaccines is a top priority for ADB’s COVID-19 response efforts. 2/3
— Asian Development Bank (@ADB_HQ) December 11, 2020
Watch 📺 his video message ▶️ https://t.co/az2WG9xFCx pic.twitter.com/qQHFBPeyAO
The top priority of Asian Development Bank’s COVID-19 response efforts has been to promote equitable, safe and effective access to the vaccines.
The financing of vaccines by ADB will also be in close coordination with other development partners including World Health Organisation, World Bank Group, GAVI, COVID-19 Vaccines Global Access Facility- COVAX and bilateral and multilateral partners.
ADB’s support to its developing members:
• ADB, in April 2020, approved 20 billion dollar package for supporting its developing members to address the impacts of the ongoing health crisis. It also streamlined some procedures for delivering quicker and more flexible assistance.
• The bank has also committed 14.9 billion dollars in grants, loans, and technical assistance, which includes 9.9 billion dollars in budget support from COVID-19 pandemic response option- CPRO and support the private sector.
• In November 2020, 20.3 million dollars was announced in additional technical assistance for establishing systems to enable equitable and efficient distribution of vaccines across Asia and Pacific.
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