ADB repurposes $50mn for Pakistan to combat COVID-19

The Asian Development Bank (ADB) has repurposed $50 million from Pakistan’s National Disaster Risk Management Fund (NDRMF) to support the government preventive and response efforts to fight the outbreak of the novel coronavirus disease in the country.

The funds, which form part of ADB’s series of support for Pakistan’s fight against COVID-19, will help to procure medical equipment and supplies to strengthen hospitals, diagnostic laboratories, isolation units, and other medical facilities in the country.

The funds include the reallocation of $30 million of previously approved but unutilised resources from ADB to the NDRMF.

Following a request for emergency support from the Government of Pakistan, ADB swiftly processed a change in scope in its NDRMF project, enabling the repurposing and immediate use of these resources in the fight against COVID-19, reads a press release by ADB.

In addition, the NDRMF has provided $20 million using capital gains from its endowment fund financed by the ADB to support the government’s COVID-19 response.

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These funds complement the financing approved on April 2 by the World Bank under its Pandemic Response Effectiveness Project.

Last month, ADB approved $2.5 million in immediate response grant funding to help Pakistan purchase emergency medical supplies, personal protective equipment, diagnostic and laboratory supplies, and other equipment.

On March 18, the ADB announced an initial package of approximately $6.5 billion to address the immediate needs of its developing member countries as they respond to the COVID-19 pandemic.