The Asian Development Bank is tripling the amount of quick-disbursing loans available to developing member countries in Asia to $20 billion to help them battle the economic and health impact of the coronavirus pandemic.
President Masatsugu Asakawa said the ADB was adding $13.5 billion to the initial $6.5 billion rescue package it announced last month as the economic impact of the pandemic is expected to be more severe than previously thought.
“It is clear that the scope and scale of this crisis require greater efforts,” Asakawa told Reuters in an interview on Monday.
The increase will enable the Manila-based lender to provide $2 billion to the private sector to support liquidity-starved small and medium enterprises(SMEs), help companies cope with supply chain disruptions and rejuvenate trade financing, the banking official said.
To ensure faster delivery of support, Asakawa said the bank would streamline its processes and make its lending terms “much more flexible”.
