ADB funnels $3-B aid to private sector

Manila-based Asian Development Bank (ADB) has allocated nearly $3 billion last year to help the private sector cope with the pandemic.

Based on ADB’s Private Sector

Operations, $2.9 billion has been committed to help companies, employees and poor communities across the region manage the impact of the pandemic.

The bulk of the amount or $2.4 billion was for ADB’s trade, supply chain and microfinance programs to help developing member countries manage the health and economic consequences of the pandemic.

Another $442 million was committed to 15 projects for COVID-19 response.

In the Philippines, it committed assistance for regional projects, including working capital for an agribusiness with farmer suppliers, as well as investments for an infrastructure financing platform, a plastics recycler and private equity funds.