ADB Provides $20 Billion Emergency Loans to Developing Countries... "Support Scale Tripled"

[Asia Economy Reporter Naju-seok] The Asian Development Bank (ADB) has decided to provide an emergency loan package worth $20 billion (24.32 trillion KRW) to support developing countries in Asia struggling due to the novel coronavirus disease (COVID-19). This support amount is about three times larger than the plan announced last month.

On the 14th, Masatsugu Asakawa, ADB President, announced an additional $13.5 billion to the previously announced $6.5 billion emergency loan plan from last month. This decision was made due to the economic impact of COVID-19 exceeding initial expectations.

President Asakawa explained, "As the scale of this crisis has grown, it has become clear that greater support is necessary."

The support package will also include $2 billion to assist small and medium-sized enterprises facing liquidity crises. Additionally, to ensure rapid support, the loan processing procedures and conditions will be made more flexible.

ADB has revised down the growth forecast for 45 Asian countries this year from 5.2% to 2.2%. This is the lowest level in the past 20 years.

This content was produced with the assistance of AI translation services.