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The Philippine government is seeking to borrow more than $ 300 million that will be used to purchase vaccines for the 2019 coronavirus disease (Covid-19), an Asian Development (ADB) official said on Monday.
“The Philippines can access loans of between 400 and 500 million dollars for the purchase of vaccines. So far, the government has requested approximately $ 325 million from the facility’s first component, the Rapid Response Component, which is dedicated to financing the procurement of vaccines, ”said Kelly Bird, ADB Country Director for the Philippines, in a Informative session.
“Right now we are working closely with the government to carry out the technical background work and prepare the vaccine project,” he added.
Bird said the ADB is in close discussions with the Department of Finance and the Department of Health for the procurement of vaccines.
“Our goal is to bring the Philippine loan proposal to our board for formal consideration quickly and we want to have these resources immediately available to the Philippines,” he said.
ADB’s $ 9 billion Asia Pacific Vaccine Access Facility (APVAX) offers prompt and equitable support to its developing members as they acquire and deliver safe and effective Covid-19 vaccines.
APVAX provides a comprehensive framework and resource package to support access to vaccines in developing countries in Asia, using two complementary components. The Rapid Response Component will provide timely support for critical vaccine diagnosis, vaccine procurement, and vaccine transportation from place of purchase to ADB developing members.
The Project’s Investment Component will support investments in systems for successful vaccine distribution, delivery, and administration, along with associated investments in capacity building, community outreach, and surveillance.
This can include areas such as cold chain storage and transportation, vehicles, distribution infrastructure, processing facilities, and other physical investments.
The component can also be used to develop or expand vaccine manufacturing capabilities in developing members.
For a vaccine to be eligible for funding, it must meet one of three criteria.
ADB said it must be purchased through the Covid-19 Vaccines Global Access Facility, prequalified by the World Health Organization or authorized by a strict regulatory authority.
Additional access criteria, such as a vaccination needs assessment, a vaccine allocation plan by the developing member, and a mechanism for effective coordination among development partners, also help ensure that support for vaccines under APVAX can be implemented fairly and effectively.
Bird said that APVAX provides additional resources for each member country over and above its normal loan program. The maximum loan amount will also be based on the size of the population.
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