SL to borrow US $ 150mn from ADB for COVID-19 vaccination

 The Cabinet of Ministers this week granted approval to obtain a US $ 150 million loan from the Asian Development Bank (ADB) to roll out the ‘Responsive COVID-19 Vaccines for Recovery Project’, which includes funding for vaccinations.

The government plans to draw US $ 84 million from ADB’s Asia Pacific Vaccine Access Facility and US $ 66 million from the Standard Local Allocation of the Ordinary Capital Resources Fund of ADB.

With a total cost of the project estimated at US $ 161.85 million, the government is expected to fund the balance US $ 11.85 million.

Prime Minister Mahinda Rajapaksa in his capacity of the Finance Minister sought the approval of the Cabinet of Ministers to move ahead with further steps to secure the proposed loan.

“The loan is planned to be used for a number of related activities, including cost of vaccination, installation of vaccine-related monitoring systems, providing of refrigerated transport facilities and strengthening the clinical waste management,” the Government Information Department said.