According to ADB President Masatsugu Asakawa, the pandemic has become a serious global crisis which requires strong actions at national, regional, and global levels.

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ADB President Masatsugu Asakawa

The ADB President said that the bank has worked out resolute actions to combat the pandemic, protect the poor, support the vulnerable and wider population across the region, and ensure its member economies to rebound as swiftly as possible.

Of the initial package, USD 3.6 billion will be used in sovereign operations for a range of responses to the health and economic consequences of the pandemic; USD 1.6 billion in non-sovereign operations for micro, small, and medium-sized enterprises, domestic and regional trade, and firms directly impacted. ADB will also mobilize about USD 1 billion in concessional resources through reallocations from ongoing projects and assessing possible needs for contingencies. It will make available USD 40 million for technical assistance and quick-disbursement.

ADB will cooperate with the International Monetary Fund, the World Bank, regional development banks, the World Health Organization, and major bilateral funding agencies including the Japan International Cooperation Agency, the US Centers for Disease Control and Prevention, and private sector organizations to ensure effective implementation of its COVID-19 response.

Since its first COVID-19 response this February 7, ADB has already provided over USD 225 million to meet urgent needs of both governments and businesses in its developing member countries.

Translated by Song Anh