MANILA : 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 effects of the coronavirus pandemic, its president said.
President Masatsugu Asakawa said the ADB was adding $13.5 billion to the initial $6.5 billion package it announced last month because 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 allow the Manila-based lender to provide $2 billion to the private sector to support liquidity-starved small and medium