China earmarks $10 mln from its ADB fund for COVID-19 in developing Asia

F.P. Report

ISLAMABAD: The Government of China has earmarked $10 million in its Poverty Reduction and Regional Cooperation Fund to support the Asian Development Bank (ADB) in assisting its developing member countries to address their novel coronavirus disease (COVID-19) challenges.

The funds will provide support to a broad range of operations, including not only the purchase of medical supplies and equipment but also health sector reforms and development, as well as capacity building, training, and knowledge sharing, a press release by the ADB said on Friday.

“As ADB continues to formulate a quick and flexible set of financing commitments to its DMCs, this funding support from the PRC government will further help countries in implementing their pandemic responses,” said Director General of ADB’s Sustainable Development and Climate Change Department Woochong Um. “It will also help promote better coordination regionally to prevent and respond to disease outbreaks.”

Some $8 million was added to the $2 million approved by the PRC government on 8 April to help in the procurement of needed medical supplies as well as in capacity building for medical staff in DMCs, and development and dissemination of regionwide risk communication materials to address public fears over the COVID-19 pandemic.

The statement asdded that the ADB was committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.