ADB triples Covid-19 response package to $20 bn

The Asian Development Bank (ADB) has tripled the size of its response to the novel coronavirus disease (COVID-19) pandemic to $20 billion and approved measures to streamline its operations for quicker and more flexible delivery of assistance. Earlier on March 18, ADB had announced a $6.5 billion package as initial response to the crisis.

 

ADB’s $20 billion in resources is meant for helping the bank’s developing member countries counter the severe macroeconomic and health impacts caused by Covid-19. The expanded package includes about $2.5 billion in concessional and grant resources.

 

“This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction, and throw economies into recession,” said ADB president Masatsugu Asakawa. “Our expanded and comprehensive package of assistance, made possible with the strong support of our Board, will be delivered more quickly, flexibly, and forcefully to the governments

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