Sri Lanka seeks USD 150Mn loan from ADB for Responsive Vaccines for Recovery project

The Government of Sri Lanka is planning to borrow two loans amounting to USD 150 million from the Asian Development Bank (ADB) to implement the “Responsive COVID-19 Vaccines for Recovery (RECOVER) Project”.

The proposed total financial assistance from ADB is comprised of USD 84 million under Asia Pacific Vaccine Access Facility (APVAX) and USD 66 million from the regular country allocation. The loan funds will be used to meet the cost of vaccines and also for several other associated activities including establishment of vaccine related monitoring systems, providing cold chain related transport facilities and strengthening medical waste management. The total project cost is estimated as USD 161.85 million, out of which USD 11.85 million has been agreed to be borne by the Government.

The expected project impact is to enhance the resilience and responsiveness of the health system to curtail the COVID-19 virus spread, reduce morbidity and mortality, and the negative health, social and economic effects of the COVID-19 pandemic in Sri Lanka. The project will be implemented targeting the entire country across all 9 provinces with a special focus on protecting geographically, socially, and economically deprived population from COVID-19 and its effects. The project is scheduled to be completed by 30th June, 2024.

The relevant Loan Agreements for the Responsive COVID-19 Vaccines for Recovery (RECOVER) Project, amounting to USD 150 million were signed by S R Attygalle, Secretary, Ministry of Finance and Chen Chen, Country Director, ADB Resident Mission, on 9th July, 2021 on behalf of the Government of Sri Lanka and ADB respectively.