ISLAMABAD, Aug 06 (APP): Minister for Economic Affairs Omar Ayub Khan Friday witnessed a signing ceremony of financing agreement worth US$500 million, granted by the Asian Development Bank (ADB) for ‘COVID-19 Vaccine Support Project under the Asia Pacific Vaccine Access Facility’.
The financing agreement was signed by Economic Affairs Division (EAD) Additional Secretary Zulfiqar Haider and ADB Acting Country Director Cleo Kawawaki. The signing took place just within three hours on fast-track basis after approval of the ADB Board earlier in the day, said an EAD press release.
Omar said securing US$500 million from the ADB had shown the government’s strong commitment to immunize the people.
He appreciated the ADB management and board of directors for extending timely support to Pakistan at this difficult time when the country was facing increasing health-related and socioeconomic challenges amid COVID-19 pandemic.
The minister reiterated that the government was committed to ensure timely procurement of vaccine with uninterrupted supply chain to meet the target of inoculating people.
He expressed that Pakistan’s efforts to curtail the COVID-19 pandemic through smart lock-down approach and addressing the socioeconomic challenges through fiscal stimulus package under the Prime Minister Imran Khan’s vision of lives and livelihoods were being highly appreciated by the global community.
Under this financing facility, the ADB would provide US$500 million for procurement of COVID-19 vaccine on highly concessional rates with 25-year repayment period including 5-year grace period.
The ADB’s assistance would also help to strengthen the capacity of Ministry of National Health Services, Regulations and Coordination and Federal Expanded Programme on Immunization to effectively implement the COVID-19 vaccination programme.
Both institutions would receive support in project management and coordination, procurement and supply chain management, gender mainstreaming, monitoring and evaluation, performance and information systems audits, and hospital waste management.
The bank would disburse up to US$150 million as retroactive financing for already procured vaccines while remaining US$ 350 million was expected to be utilized in coming months for procurement of new vaccines.
During the board meeting, ADB President Masatsugu Asakawa said vaccines would help to reduce the spread and mortality of COVID-19; restore confidence among citizens; and boost economic recovery.
ADB Director General (CWRD) Eugene Zhukov expressed that the project was part of ADB’s holistic support to Pakistan’s response to Covid-19 crisis to mitigate the adverse health, social and economic impact of the pandemic and strengthen the country’s immunization system.
He also reiterated the ADB’s commitment to continue its technical and financial support to Pakistan in priority areas.
