The Asian Development Bank (ADB) is further supporting the Federated States of Micronesia’s COVID-19 response through a grant of $14 million.
The grant will help fund the FSM Health Expenditure and Livelihoods Support (HEALS) Program, which will support the government’s Health Action Plan through activities such as building quarantine facilities, providing infection prevention training for first responders, increasing local laboratory testing, and supplying essential medical equipment.
The FSM HEALS Program will also provide financial support, including wage subsidies and tax rebates for the 186 tourism businesses that have been hit hard by the threat of the pandemic. The FSM Development Bank will provide loans to at least 200 micro- and small-enterprises, half of which will be allocated to women-owned businesses. Temporary unemployment assistance will be given to an estimated 100 migrant workers who have lost their jobs because of COVID-19.
The grant is funded through the COVID-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility. CPRO was established as part of ADB’s $20 billion expanded assistance for developing members to respond to COVID-19, announced on 13 April. Visit ADB’s website (https://www.adb.org/what-we-do/covid19-coronavirus) to learn more about its ongoing response.
This is ADB’s second grant to the FSM to combat the impacts of COVID-19, following a grant of $6 million in April.
Source : https://www.adb.org/news/videos/adb-s-14-million-grant-support-fsm-s-covid-19-response
