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ADB allocates $ 200 mln to support supply chains in fight against COVID-19

The Asian Development Bank (ADB) will make available $200 million through its Supply Chain Finance Program for companies manufacturing and distributing medicines and other items needed to combat the novel coronavirus (COVID-19). ADB Resident Mission in Kyrgyzstan reported.

Companies manufacturing and distributing products, including medicines and personal protective equipment, are increasingly strained as production and distribution ramp up to address COVID-19. The support from ADB, working in partnership with commercial banks, will provide such companies in Asia and the Pacific with additional working capital to meet expansion and other requirements.

«The support will target companies in the supply chain that are critical to fighting the virus,» said ADB’s Head of Trade and Supply Chain Finance Steven Beck. «We’re looking to support companies that want to ramp up production and therefore need to engage suppliers.»

ADB says it is closely monitoring the impact of COVID-19 on trade finance and is in regular contact with client banks to assess whether additional support is required. ADB’s response to COVID-19 to date includes $2 million to enhance detection, prevention, and response in the People’s Republic of China (PRC) and the Greater Mekong Subregion; another $2 million to support response in all its developing members; and a CNY130 million ($18.6 million) private sector loan to Wuhan, PRC-based pharmaceutical distributor Jointown Pharmaceutical Group Co. Ltd. to support the continued supply of essential medicines and personal protective equipment.