Covid outbreak: ADB’s $6.5b boost to developing members

NEW DELHI: The Asian Development Bank on Wednesday announced an initial package of $6.5 billion (₹48,230 crore) to address the immediate needs of its developing member countries as they respond to the Covid-19 pandemic.

The rescue package is part of the bank’s measures to enable a speedy recovery for emerging economies in Asia from the impact of the Covid-19 outbreak. “With our developing member countries (DMCs), we are formulating an aggressive set of actions to combat the pandemic; to protect the poor, the vulnerable, and wider populations across the region; and to ensure economies will rebound as swiftly as possible,” ADB president Masatsugu Asakawa said.

The 31 DMCs of the Manila-based bank include all the countries in the Indian subcontinent, China, Afghanistan and Thailand. As per the ADB announcement, $3.6 billion will be made available to governments for a range of responses to the health and economic consequences of the pandemic.


It has set aside $1.6 billion for micro, small and medium enterprises, domestic and regional trade and for firms directly impacted by disruptions resulting from the virus outbreak. The Asian lender also plans to mobilise $1 billion in concessional resources through reallocations from ongoing projects and will make available $40 million in technical assistance and quick-disbursing grants.