Business

ADB provides $ 150 million for responsive Covid-19 vaccines

The Government of Sri Lanka is planning to borrow two loans amounting to $ 150 million from the Asian Development Bank (ADB) to implement the “Responsive Covid-19 Vaccines for Recovery (RECOVER) Project”. 

The proposed total financial assistance from ADB is $ 84 million under Asia Pacific Vaccine Access Facility (APVAX) and $ 66 million from the regular country allocation. The loan funds will be used to meet the cost of vaccines and also for several other associated activities including establishment of vaccine related monitoring systems, providing cold chain related transport facilities and strengthening medical waste management. The total project cost is estimated as $ 161.85 million, out of which $ 11.85 million has been agreed to be borne by the Government. 

The expected project impact is to enhance the resilience and responsiveness of the health system to curtail the Covid-19 virus spread, reduce morbidity and mortality, and the negative health, social and economic effects of the Covid-19 pandemic in Sri Lanka. The project will be implemented targeting the entire country across all 9 provinces with a special focus on protecting geographically, socially, and economically deprived populations from Covid-19 and its effects. The project is scheduled to be completed by 30 June, 2024. 

The relevant Loan Agreements for the Responsive Covid-19 Vaccines for Recovery (RECOVER) Project, amounting to $ 150 million were signed by Ministry of Finance Secretary S.R. Attygalle, and ADB Resident Mission Country Director Chen Chen, on 9 July 2021 on behalf of the Government of Sri Lanka and ADB respectively.