ADB, HSBC to finance $1.2bn to boost pandemic product supplies in Asia and Pacific
The programme will support trade in multiple sectors affected by the pandemic, including pharmaceuticals and apparel as well as critical medical supplies that might not otherwise be available, said a press release of ADB
The Asian Development Bank (ADB) and HSBC have launched a programme to support up to $1.2 billion a year in trade by companies in Asia and the Pacific producing products related to the ongoing fight against the Covid-19 pandemic.
The programme will support trade in multiple sectors affected by the pandemic, including pharmaceuticals and apparel as well as critical medical supplies that might not otherwise be available, said a press release of ADB.
It will also provide support for small and medium-sized companies in the region, it added.
ADB Trade and Supply Chain Finance Programme Head Steven Beck said, "This partnership will complement ADB's own ground-breaking efforts to map the supply chain for products critical to the fight against Covid-19, and to support trade flows that will drive the recovery."
Global Head of Trade and Receivables Finance at HSBC Natalie Blyth said, "This agreement will help ensure that trade finance gets to where it is needed and when to support the production and distribution of essential medical supplies and the return to growth."
ADB has boosted its capacity to support trade and supply chains with more money and flexibility for its $2.4 billion Trade and Supply Chain Finance Programme.
ADB's support for developing members to cope with, and recover from, the impact of Covid-19 includes an enhanced support package of $20 billion, announced on 13 April.
