ADB, AIIB finance the Philippines purchase of COVID-19 vaccines
The Philippines has become the first recipient of financing support under the Asian Development Bank’s Asia Pacific Vaccine Access Facility (APVAX), with approval of a $400 million loan. The financing will help the country purchase safe and effective vaccines against the coronavirus disease.
The project will be supported by $300 million in cofinancing from the Asian Infrastructure Investment Bank. 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.
The Second Health System Enhancement to Address and Limit COVID-19 under the APVAX 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 and bilateral vaccine suppliers that meet APVAX eligibility criteria.
Under the HEAL 2 loan agreement, ADB will pay vaccine suppliers directly. The financing will also follow global best practices on safeguards measures, including waste management of medical supplies.
