The Asian Development Bank triples COVID-19 response package to $20 Billion

April, 29, 2020

According to one of the most recent assessment released by the Asian Development Bank (ADB, INSME Member) on the 3rd of April the impact of the pandemic will be between 2.3 and 4.8% of the global gross domestic product, while regional growth is estimated to decline from 5.2% to 2.2% in 2020.

This alarming framework brought ADB to adopt a $ 20 billion package to respond to the Covid-19 emergency. Up to $13 billion will help governments of developing member countries to implement effective countercyclical expenditure programs to mitigate impacts of the Covid-19 pandemic, around $2 billion will support the private sector through loans and guarantees provided to financial institutions to rejuvenate trade and supply chains. Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved SMEs, will be implemented alongside direct financing of companies responding to or impacted by the virus outbreak.

Moreover, the approved package also foresees a series of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis, including measures to streamline internal business processes, widen the eligibility and scope of support facilities, and make the terms and conditions of lending more tailored.

Discover more details at this page.

Source: Asian Development Bank

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