With $20M loan for COVID-19, ADB is Helping to Keep Palau Moving
A $20 million loan from the Asian Development Bank (ADB) will help Palau prepare for the coronavirus disease (COVID-19) pandemic and respond to its impact on the economy.
While Palau remains free of COVID-19 as of 29 July, ADB’s program will help the government upgrade the country’s health sector by financing the purchase of ventilators for Belau National Hospital, establishing a COVID-19 hotline for public inquiries, and funding overtime and hazard pay for frontline health workers.
The program will also help implement the government’s economic stimulus package, which includes the provision of concessional loans to local businesses; benefits for the unemployed and assistance finding temporary work in areas such as agriculture, the environment, and elderly care; support for free pre-school and childcare for lower income families, which will particularly benefit women; and subsidies for utilities such as electricity and water.
The loan is provided through the COVID-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility. CPRO was established in April as part of ADB’s $20 billion expanded assistance for developing member countries’ COVID-19 response.