The Asian Development Bank’s (ADB) $400-million loan to the Philippines for mass vaccination will cover advance payments for Covovax vaccines, the Manila-based multilateral lender said.
“Taking into account the global supply situation of vaccines, the Philippines’ legal restriction on financing advance payments, and the urgency for the government to secure vaccines, the ADB will finance the government’s first 10-percent advance payment to the Serum Institute of India (SII) for the purchase of Covovax, the Novavax vaccine manufactured by SII, under the supply agreement between the government and SII, notwithstanding that Covovax does not currently satisfy Apvax’s vaccine eligibility criteria,” loan documents for the second health system enhancement to address and limit COVID-19 (Heal 2) project read.
Apvax refers to ADB’s $9-billion Asia Pacific Vaccine Access Facility, under which member-countries can seek financing for their mass vaccination programs.
The Philippines, ADB’s host country, will be the first recipient of Apvax with the loan agreement to be signed and take effect this month.