ADB grants another $125 million loan for outbreak response

Last updated on May 17th, 2021 at 11:33 am

METRO MANILA – The Asian Development Bank (ADB) has granted the Philippines another $125-million loan for the country’s coronavirus pandemic response.

The funds will specifically aims to purchase medical equipment critical on the government’s fight against the pandemic.

According to ADB, the loan was approved under the HEAL COVID-19 or Health System Enhancement to Address and Limit Project by the government.

The loan will be payable in 29 years with a grace period of 8 1/2 years and it will be rate based on the company’s London interbank offered rate-based lending facility.

ADB’s Vice-president Ahmed Saeed said that the project will further improve the readiness and resilience of the health care system of the country both in the national and local level in handling the public health threats.

The latest grant makes ADB the largest lender of the country’s effort to curb the spread of Covid-19. The company has lent $2.7 billion so far to the government.

The funds will also help purchase computed tomography (CT) scan machines for 33 hospitals that will improve detection of COVID-19 cases. It will also support the new test kits supplies for atleast 10 state-run laboratories.

Hospital and laboratory staffs will also get a training for the maintenance of the new equipments as the cost will be shouldered by the latest loan. ADB’s principal social sector specialist for Southeast Asia Sakiko Tanaka said in a statement that the project will support the government’s ability to conduct tests, surveillance and virus prevention and control while providing critical care for those who suffered severe cases of the infections.

Related Article: https://www.theasianaffairs.com/philippines/2020/08/13/adb-approves-400m-loan-to-boost-agree-reforms/