The Asian Development Bank (ADB) has launched a $9 billion vaccine initiative—the Asia Pacific Vaccine Access Facility
(APVAX)—offering rapid and equitable support to its developing members as they procure and deliver effective and safe
coronavirus disease (COVID-19) vaccines.
“As ADB’s developing members prepare to vaccinate their people as soon as possible, they need financing to procure
vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the
vaccination process,” said ADB President Masatsugu Asakawa. “APVAX will play a critical role in helping our developing
members meet these challenges, overcome the pandemic, and focus on economic recovery.”
More than 14.3 million positive cases have been identified in Asia and the Pacific, causing more than 200,000 deaths. As
the pandemic persists, economic growth in developing Asia is projected to contract by 0.4% in 2020—the first regional
gross domestic product contraction since the early 1960s.
Promoting safe, equitable, and effective access to vaccines is a top priority for ADB’s COVID-19 response efforts.
Vaccination programs can break the chain of virus transmission, save lives, and mitigate the negative economic impacts
of the pandemic by restoring confidence in people’s ability to work, travel, and socialize safely.
The APVAX provides a comprehensive framework and resource envelope for supporting developing Asia’s vaccine access,
using two complementary components. The Rapid Response Component will provide timely support for critical vaccine
diagnostics, procurement of vaccines, and transporting vaccines from the place of purchase to ADB’s developing members.
The Project Investment Component will support investments in systems for successful distribution, delivery, and administration of vaccines along with associated
investments in building capacity, community outreach, and surveillance. This may include such areas as cold-chain
storage and transportation, vehicles, distribution infrastructure, processing facilities, and other physical
investments. The component may also be used to develop or expand vaccine manufacturing capacity in developing members.
ADB financing for vaccines will be provided in close coordination with other development partners including the World
Bank Group, World Health Organization (WHO), COVID-19 Vaccines Global Access Facility (COVAX), GAVI, and bilateral and
multilateral partners.
APVAX promotes safe and effective vaccines to be accessed in a fair manner. For a vaccine to be eligible for financing,
it must meet one of three criteria. It must be procured via COVAX, prequalified by WHO, or authorized by a Stringent
Regulatory Authority. Additional access criteria, such as a vaccination needs assessment, a vaccine allocation plan by
the developing member, and a mechanism for effective coordination among development partners also help ensure that
vaccine support under APVAX can be fairly and effectively implemented.
ADB is also making available a $500-million Vaccine Import Facility to support the efforts of its developing members to
secure safe and effective vaccines, as well as the goods that support distribution and inoculation. The facility is part
of ADB’s Trade and Supply Chain Finance Program. AAA-guarantees available through the program’s vaccine import facility
will mitigate payment risks and facilitate import of these goods. This will employ the same eligibility criteria on
vaccines as COVAX. Cofinancing with private sector partners could result in the Import Facility supporting $1 billion in
vaccine and related imports within a year.
In April, ADB approved a $20 billion package to support its developing members in addressing the impacts of the pandemic
and streamlined some procedures to deliver quicker and more flexible assistance. ADB has committed $14.9 billion in
loans, grants, and technical assistance, including $9.9 billion in quick-disbursing budget support from the COVID-19
Pandemic Response Option (CPRO) and support for the private sector.
In November, ADB announced $20.3 million in additional technical assistance to establish systems to enable efficient and equitable distribution of vaccines across Asia and the Pacific.
ADB is 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.