The Asian Development Bank (ADB) has provided a guarantee for a $25 million trade loan to the State Pharmaceuticals Corporation of Sri Lanka (SPC) to purchase medical supplies as part of the country’s response to the novel coronavirus disease (COVID-19) pandemic. The supplies, to be purchased by the SPC with the loan, will include personal protective equipment such as N95 medical masks, surgical masks, as well as medicines to treat people who have tested positive to COVID-19. With many economies severely impacted by the pandemic, this trade loan will enable the SPC to fulfill its mission to ensure the flow of safe, effective, and high-quality medical supplies in Sri Lanka.
“This assistance will help the State Pharmaceutical Corporation to purchase urgently needed medicines and protective equipment for frontline health workers and patients,” said Investment Specialist at ADB’s Trade Finance Program Roberto Leva.”
With many economies severely impacted by the pandemic, this trade loan will enable SPC to fulfill its mission to ensure the flow of safe, effective, and high-quality medical supplies in Sri Lanka.
ADB announced on 13 April a tripling in the size of its response to the pandemic to $20 billion. The package expands on the $6.5 billion initial response announced on 18 March, adding $13.5 billion in resources to help ADB’s developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.