Regional financial intuition Asian Development Bank (ADB) has announced approximately $1.5 billion financial support to the Government of Indonesia to alleviate the impact of the novel coronavirus disease (COVID-19) pandemic on public health, and the national economy. Indonesia has been severely affected by the global pandemic.
ADBs financial support will help the Indonesian government to address the challenges posed by COVID-19, with a strong focus on the poor and vulnerable, including women. The COVID-19 Active Response and Expenditure Support (CARES) Program of will support the governments stimulus package geared to expand existing social assistance programs, boost resources for COVID-19 prevention and control, and safeguard productive sectors and workers from the economic downturn.
The major deals and projects by ADB are featured below:
- April 2020: Asian Development Bank (ADB) has assured Indian government to support with approximately $2.2 billion in its fight against the novel coronavirus disease (COVID-19) pandemic.
- April 2020: Asian Development Bank (ADB) has approved $200,000 as an emergency medical assistance to help the Kyrgyz Republic to fight against coronavirus (COVID-19) pandemic. ADB is undertaking a joint study with the United Nations Development Programme on the impact of COVID-19 on poor and vulnerable communities. ADB helps Kyrgyz Republic to scale up its support in response to the novel coronavirus (COVID-19) pandemic. The bank will make further grants and loans available to fill the financing gap, strengthen the Kyrgyz Republics health care system, and improve medical infrastructure to respond to the pandemic.
- January 2020: Asian Development Bank (ADB) has signed a $37.8 million loan deal with TTC Energy Development Investment Joint Stock Company (TTC Energy) to develop a 50MW photovoltaic solar power plant in Tay Ninh Province in Viet Nam. A supplementary $7.6 million loan was provided by Leading Asias Private Infrastructure Fund, which is supported by the Japan International Cooperation Agency.
- November 2019 and December 2019, ADB announced projects in Pacific region, financial supports to the ECEC project in India, a power plant project in Thailand, a hydropower plant in Nepal, and transmission lines expansion project in Greater Dhaka, Bangladesh. These are featured below:
- December 2019, ADB announced intention of investing approximately $1 billion in energy projects in the Pacific region from 2019 to 2021 to increase renewable energy generation. ADB plans to improve access to affordable and sustainable electricity in the subregion. ADB is helping Pacific countries by providing finance and direct technical assistance. The projects financed by ADB will develop solar, wind, and hydropower facilities; install battery storage technology; and improve transmission lines to have access to affordable electricity.
ADB signed a $451 million loan agreement with the Government of India to strengthen power connectivity between the southern and northern parts of the ChennaiKanyakumari Industrial Corridor (CKIC), which is part of the East Coast Economic Corridor (ECEC), in Tamil Nadu.
ADB provided $180 million for a 2,500-megawatt (MW) combined-cycle gas turbine power plant in the Rojana Rayong 2 Industrial Park of Thailands Rayong Province. The project will be the fourth-largest power plant and one of the largest combined cycle gas turbine power plants in Thailand.
Further ADB approved a $300 million loan for expansion of transmission lines in Greater Dhaka and the western zone of Bangladesh. ADB will help finance transmission lines, substations, and an enterprise resource planning system.
About The Asian Development Bank
The Asian Development Bank (ADB) is a Manila-based regional development bank formed in 1966 which assists its members by providing loans, grants, technical assistance, and equity investments to promote social and economic development in the region.
ADB is committed to achieving a prosperous, resilient, inclusive, and sustainable Asia and the Pacific region. It empowers people by providing information with a set of principles and exceptions.