ADB’s Asia Pacific Vaccine Access Facility
The Asian Development Bank (ADB) has launched the Asia Pacific Vaccine Access Facility (APVAX) for its developing members.
Asia Pacific Vaccine Access Facility (APVAX)
- It is a 9 billion dollar vaccine initiative.
- The bank will offer rapid and equitable support for the developing members of the grouping as soon as they deliver and procure safe and effective Coronavirus vaccines.
- The financing though the bank will be in close coordination with the development partners such as World Health Organisation, GAVI, World Bank Group, COVID-19 Vaccines Global Access Facility- COVAX.
Why this initiative has been taken?
As soon as the developing members of ADB start to vaccinate their citizens, they will need funds to procure the vaccines and appropriate plans and knowledge in order to manage the vaccination process in a equitable, safer and efficient manner. Thus, this initiative would help in tackling the challenges and help in economic recovery.
How APVAX will execute its plan?
APVAX will provide a comprehensive framework to support the developing vaccine access in Asia with the help of two components:
- Rapid Response Component- It will provide support to procure the vaccines, critical vaccines diagnostics and transportation of vaccines on time.
- Project Investment Component- It will support the investments in systems to successfully deliver, distribute and administer the vaccines. It will also support the associated investments in community outreach, capacity building and surveillance. It will take care of the facilities including the distribution infrastructure, cold-chain storage and transportation.
Once the initiative is successful, it will easily break the chain of transmission of the virus. Thus, it would help in mitigating the negative impact of the pandemic on the economy. It will help in restoring the confidence in people.