The Asian Development Bank is providing the Philippines a $400 million loan for the procurement of COVID-19 vaccines. This is the first loan the bank is providing under its $9 billion Asia Pacific Vaccine Access Facility announced in December 2020.
While the government, in this case, the Philippines, will be the one in charge of entering into an agreement with vaccine suppliers or COVAX, ADB will be directly paying for the vaccines.
The Asian Infrastructure Investment Bank is also co-financing the project with $300 million, but ADB officials said that’s still being finalized.
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