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MANILA, Dec 11 (Reuters) - The ability of developing
countries in Asia to fight the coronavirus pandemic got a
much-needed boost after the Asian Development Bank said on
Friday it has launched a $9 billion facility to help nations
access and deliver COVID-19 vaccines.
"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.
Asian countries are racing to lock in millions of vaccine
shots so they will be able to start inoculating their citizens
and begin the long road back to normality and help their
economies recover from the damage of the pandemic.
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.
This year's expected contraction would be the region's first
in nearly six decades.
For 2021, the region is still forecast to recover and grow
6.8%, the ADB said, as Asian economies gradually revive from the
COVID-19 pandemic that has infected more than 14.3 million
killed more than 200,000 in Asia and the Pacific.