ADB readies $200 million financing for medicine, protective gear makers

ABS-CBN News

Posted at Mar 12 2020 02:39 PM | Updated as of Mar 12 2020 02:41 PM

MANILA - The Asian Development Bank said Thursday it would make available some $200 million (P101.9 million) in financing for manufacturers and distributors of medicine and protective equipment meant to fight the coronavirus pandemic.

The fund will be made available through the ADB's Supply Chain Finance Program to help companies in the Asia Pacific meet demand, the Manila-based lender said in a statement. 

Companies manufacturing and distributing such products "are increasingly strained" as demand swells due to COVID-19, it said. 

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

The lender earlier earmarked $2 million in funding to boost efforts against the virus' global spread. The World Health Organization earlier called COVID-19 a pandemic after infecting over 118,326 worldwide.