ADB to make available $200 mln for companies manufacturing medicines for COVID-19

News Image

By MG News | March 12, 2020 at 10:34 AM GMT+05:00

0:00

March 12, 2020: The Asian Development Bank (ADB) will make available $200 million through its Supply Chain Finance Program for companies manufacturing and distributing medicines and other items needed to combat the novel coronavirus (COVID-19).

Companies manufacturing and distributing products, including medicines and personal protective equipment, are increasingly strained as production and distribution ramp up to address COVID-19. The support from ADB, working in partnership with commercial banks, will provide such companies in Asia and the Pacific with additional working capital to meet expansion and other requirements.

“The support will target companies in the supply chain that are critical to fighting the virus,” said ADB’s Head of Trade and Supply Chain Finance Steven Beck. “We’re looking to support companies that want to ramp up production and therefore need to engage suppliers.”

Given that a single pool of supply chain finance is typically used for a subsequent delivery over a period of 120–180 days, the $200 million facility could support more than $400 million of financing over the next 12 months. Fifty-fifty risk sharing from partner commercial banks could boost support under the facility to $800 million over the same period.

The funds will be made available through ADB’s Supply Chain Finance Program and provided to selected companies within weeks. ADB is closely monitoring the impact of COVID-19 on trade finance and is in regular contact with client banks to assess whether additional support is required.

ADB’s response to COVID-19 to date includes $2 million announced on 7 February to enhance detection, prevention, and response in the People’s Republic of China (PRC) and the Greater Mekong Subregion; another $2 million announced on 26 February to support response in all its developing members; and a CNY130 million ($18.6 million) private sector loan, signed on 25 February, to Wuhan, PRC-based pharmaceutical distributor Jointown Pharmaceutical Group Co. Ltd. to support the continued supply of essential medicines and personal protective equipment.

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.

Press Release

Related News

Name Price/Vol %Chg/NChg
KSE100 130,686.66
280.01M
0.26%
342.63
ALLSHR 81,305.25
897.01M
0.35%
281.26
KSE30 39,945.45
114.02M
0.09%
37.19
KMI30 190,698.05
148.61M
0.61%
1163.05
KMIALLSHR 55,074.15
495.43M
0.53%
290.50
BKTi 34,568.40
28.73M
-1.07%
-372.33
OGTi 28,739.35
22.59M
1.57%
443.29
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 110,285.00 110,525.00
110,055.00
-130.00
-0.12%
BRENT CRUDE 68.78 68.89
68.71
-0.02
-0.03%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
-0.75
-0.76%
ROTTERDAM COAL MONTHLY 108.45 109.80
108.45
-0.55
-0.50%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 67.06 67.18
66.99
0.06
0.09%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 04, 2025 at 06:09 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 03, 2025 at 10:04 PM GMT+05:00

SBP reserves rise around to $13bn


July 03, 2025 at 05:39 PM GMT+05:00

Gold price in Pakistan rises Rs800 per tola


July 03, 2025 at 05:17 PM GMT+05:00

Microsoft exits Pakistan after 25 years


July 03, 2025 at 04:43 PM GMT+05:00

Privatisation Commission approves advisors for ZTBL



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg