Upcoming Webinar :Register now for 'ULIP as an investment during economic recovery' powered by Bajaj Allianz Life Insurance

ADB launches $9 billion COVID-19 vaccine initiative for its developing member economies

ADB has launched a USD 9 billion vaccine initiative — the Asia Pacific Vaccine Access Facility (APVAX) — offering rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines, it said in a release.

Dec 11, 2020 / 03:19 PM IST
Image: Reuters

Image: Reuters

The Asian Development Bank (ADB) on Friday said it has launched a USD 9 billion vaccine initiative that will offer support to its developing member economies to procure and deliver COVID-19 vaccines.

ADB has launched a USD 9 billion vaccine initiative — the Asia Pacific Vaccine Access Facility (APVAX) — offering rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines, it said in a release.

"As ADB''s developing members prepare to vaccinate their people as soon as possible, they need financing to procure vaccines as well as appropriate plans and knowledge to be able to safely, equitably, and efficiently manage the vaccination process," ADB President Masatsugu Asakawa said.

He further noted that "APVAX will play a critical role in helping our developing members meet these challenges, overcome the pandemic, and focus on economic recovery."

ADB said more than 14.3 million positive cases have been identified in Asia and the Pacific, causing more than 2,00,000 deaths.

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show
As the pandemic persists, economic growth in developing Asia is projected to contract by 0.4 per cent in 2020 — the first regional gross domestic product contraction since the early 1960s, it added.
PTI
Sections