"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 manage the vaccination process," ADB President Masatsugu Asakawa said. Called the Asia Pacific Vaccine Access Facility (APVAX), it will provide support for procurement and transporting of vaccines from place of purchase to ADB's developing members, as well as investments in distribution systems, like cold-chain storage and processing facilities. The ADB financing, which will be provided in close coordination with other development partners, including the World Health Organization, may also be tapped to develop or expand vaccine manufacturing capacity in developing members, the ADB said in a statement. The ADB said it was also making available a $500 million Vaccine Import Facility to mitigate payment risks and facilitate imports of vaccines. Developing Asia is on course to post an economic contraction this year, but probably less than previously thought as China recovers faster than expected, although the prolonged pandemic remains a risk to the outlook, the ADB said on Thursday.

Source: bd News24 December 11, 2020 08:48 UTC