$400M ADB loan to help the Philippines purchase Covid-19 vaccines

Manila — The Philippines became the first recipient of financing support under the Asian Development Bank’s (ADB) Asia Pacific Vaccine Access Facility (APVAX) with approval of a $400 million loan that will help the country purchase safe and effective vaccines against Covid-19.

“ADB’s support will boost the Philippine government’s urgent efforts to secure and deploy Covid-19 vaccines for all Filipinos, especially those who are vulnerable, such as frontline workers, the elderly, and poor and marginalized populations, as well as those at increased risk of severe illness,” said ADB President Masatsugu Asakawa.

“Covid-19 vaccines are critical to accelerating the recovery of the Philippine economy, rebuilding livelihoods, and restoring quality jobs. With this financing, ADB seeks to help the country save lives and allow Filipinos to return to normal life as soon as possible.”

The Second Health System Enhancement to Address and Limit Covid-19 under the APVAX (HEAL 2) project will assist the Philippine Department of Health in procuring and ensuring delivery to the country of vaccines certified by the Covid-19 Vaccines Global Access Facility (COVAX) and bilateral vaccine suppliers that meet APVAX eligibility criteria.

The project will be supported by $300 million in cofinancing from the Asian Infrastructure Investment Bank (AIIB). The ADB and AIIB loans will together fund the procurement of up to 110 million doses of Covid]-19 vaccines for as many as 50 million Filipinos.

HEAL 2 builds on and complements ADB’s Health System Enhancement to Address and Limit COVID-19 (HEAL) project, which was approved in August 2020. </