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Business & Finance

China earmarks $10mn for developing Asian countries combating COVID-19

The funds will provide support to a broad range of operations, including not only the purchase of medical supplies
17 Apr 2020
  • The funds will provide support to a broad range of operations, including not only the purchase of medical supplies and equipment but also health sector reforms and development.
  • Some $8 million was added to the $2 million approved by the Chinese government on 8 April.

The Chinese government has earmarked $10 million in its Poverty Reduction and Regional Cooperation Fund on Friday, to back the Asian Development Bank (ADB) in assisting its developing member countries (DMCs) against the challenges posed by the COVID-19.

As per ADB, the funds will provide support to a broad range of operations, including not only the purchase of medical supplies and equipment but also health sector reforms and development, as well as capacity building, training, and knowledge sharing.

“As ADB continues to formulate a quick and flexible set of financing commitments to its DMCs, this funding support from the PRC government will further help countries in implementing their pandemic responses,” said Director General of ADB’s Sustainable Development and Climate Change Department Woochong Um. “It will also help promote better coordination regionally to prevent and respond to disease outbreaks.”

Some $8 million was added to the $2 million approved by the Chinese government on 8 April.

The bank on Monday announced to roll out a massive $20 billion package to help developing member nations weather the economic fallout from the coronavirus pandemic.

Nearly simultaneous shutdowns across the global economy, with workers ordered to hunker down at home against the virus, have set the stage for a deep recession. Officially reported COVID-19 cases worldwide have topped 2.1 million and claimed around 140,000 lives globally.