ADB triples financial aid to fight Covid-19 to USD 20 billion

The Asian Development Bank (ADB) on Monday said it has tripled the size of its Covid-19 response package for its member nations to USD 20 billion.

The multilateral funding agency said it has also approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's USD6.5 billion initial response announced on March 18, adding USD 13.5 billion in resources to help its developing member countries counter the severe macroeconomic and health impacts caused by Covid-19, it said in a release.

The USD20 billion package includes about USD2.5 billion in concessional and grant resources, it added.

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.

The package will be delivered more quickly, flexibly, and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn Asakawa added.