Sri Lanka Government goes for $150 million ADB loan to fund COVID fight

The Government has decided to obtain a $150 million loan from the Asian Development Bank to help finance its fight against the spread of and better management of the COVID-19 pandemic.

The funding for the initiative titled, ‘Responsive COVID-19 Vaccines for Recovery Project,’ will be via several COVID-specific support schemes of the ADB.

The Government said $ 84 million will be from the Asia Pacific Vaccine Access Facility and the remaining $66 million from the Standard Local Allocation of the Ordinary Capital Resources Fund of the ADB. The total cost of the project is $ 161.85 million with the Government of Sri Lanka bearing $11.85 million thereof.

The loan is planned to be used for a number of related activities, including cost of vaccination, installation of vaccine-related monitoring systems, providing of refrigerated transport facilities, and strengthening clinical waste management.

The Cabinet of Ministers at their meeting on Monday approved the proposal tabled by Prime Minister and Finance Minister Mahinda Rajapaksa.

(Source: Daily FT)