The Asian Development Bank (ADB) is making available a US$500 million Vaccine Import Facility to support the efforts of its developing members to secure safe and effective vaccines, as well as the goods that support distribution and inoculation.

The facility is part of ADB's Trade and Supply Chain Finance Programme, which provides guarantees and loans to banks to support trade. The trade finance part of this programme supports letter of credit (L/C) transactions for issuing banks in qualified ADB member countries and qualified international, regional, and local confirming banks worldwide.

Mitigating vaccine import risks

By providing AAA-guarantees available through the programme's vaccine import facility, the ADB says it will mitigate payment risks and facilitate import of vaccines and related products.

Co-financing with private sector partners could result in the import facility supporting US$1 billion in vaccine and related imports within a year.

More support

Last April ADB approved a US$20 billion package to support its developing members in addressing the impacts of the coronavirus pandemic and streamlined some procedures to deliver quicker and more flexible assistance.

ADB has already committed US$14.9 billion in loans, grants, and technical assistance, including US$9.9 billion in quick-disbursing budget support from the COVID-19 Pandemic Response Option to help member-countries access and distribute vaccines.

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