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Manila, Apr 13: The Asian Development Bank (ADB) on Monday tripled the size of its response to novel coronavirus disease (COVID-19) pandemic to 20 billion dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The package expands ADB's 6.5 billion dollars initial response announced on March 18, adding 13.5 billion dollars in resources to help ADB's developing member countries counter the severe macroeconomic and health impacts caused by COVID-19.

The 20 billion dollar package includes about 2.5 billion dollars in concessional and grant resources.

"This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction and throw economies into recession," said ADB President Masatsugu Asakawa.

"Our expanded and comprehensive package of assistance, made possible with the strong support of our board, will be delivered more quickly, flexibly and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn," he said in a statement.

ADB's most recent assessment released on April 3 estimates the global impact of the pandemic at between 2.3 and 4.8 per cent of gross domestic product. Regional growth is forecast to decline from 5.2 per cent last year to 2.2 per cent in 2020.

The new package includes the establishment of a COVID-19 pandemic response option under ADB's countercyclical support facility.

Up to 13 billion dollars will be provided through this new option to help governments of developing member countries implement effective countercyclical expenditure programs to mitigate impacts of the COVID-19 pandemic, with a particular focus on the poor and the vulnerable.

Grant resources will continue to be deployed quickly for providing medical and personal protective equipment and supplies from expanded procurement sources.

Some 2 billion dollars from the 20 billion dollar package will be made available for the private sector. Loans and guarantees will be provided to financial institutions to rejuvenate trade and supply chains.

Enhanced microfinance loan and guarantee support and a facility to help liquidity-starved small and medium-sized enterprises, including those run by female entrepreneurs, will be implemented alongside direct financing of companies responding to or impacted by COVID-19.

The response package includes a number of adjustments to policies and business processes that will allow ADB to respond more rapidly and flexibly to the crisis. These include measures to streamline internal business processes, widen the eligibility and scope of various support facilities and make the terms and conditions of lending more tailored.

All support under the expanded package will be provided in close collaboration with international organisations, including the International Monetary Fund, World Bank Group, World Health Organisation, UNICEF, other UN agencies and the broader global community.

Italian researchers have claimed that they have successfully developed a vaccine to contain coronavirus (COVID-19) which is likely to work on humans, a report said.

Luigi Aurisicchio, CEO of Takis, the firm developing the medication, said that a coronavirus candidate vaccine has neutralised the virus in human cells for the first time, the Arab News reported.

"This is the most advanced stage of testing of a candidate vaccine created in Italy. Human tests are expected after this summer," Aurisicchio was quoted as saying to Italian news agency ANSA.

"According to the Spallanzani Hospital, as far as we know we are the first in the world so far to have demonstrated neutralisation of the coronavirus by a vaccine. We expect this to happen in humans too," he added.

The researchers experimented with the vaccine on mice that had successfully developed antibodies that blocked the virus from infecting the cells. They further observed that the five vaccine candidates generated a large number of antibodies, and selected two with the best results.

All of the vaccine candidates currently being developed are based on the genetic material of DNA protein "spike", the molecular tip used by the coronavirus to enter human cells.

They are injected with the so-called "electroporation" technique, which consists of an intramuscular injection followed by a brief electrical impulse, helping the vaccine break into the cells and activating the immune system, the report said.

Researchers believe that this makes their vaccine particularly effective for generating functional antibodies against the "spike" protein, in particular in the lung cells, which are the most vulnerable to coronavirus.

"We are working hard for a vaccine coming from Italian research, with an all-Italian and innovative technology, tested in Italy and made available to everyone," Aurisicchio was quoted by the Arab News report.

"In order to reach this goal, we need the support of national and international institutions and partners who may help us speed up the process," he noted.

The total number of COVID-19 infections, fatalities and recoveries since the pandemic began has risen to 213,013 in the country.

Jun 15: Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

Both benchmarks ended down about 8% last week, their first weekly declines since April, hit by the U.S. coronavirus concerns: More than 25,000 new cases were reported on Saturday alone as more states, including Florida and Texas, reported record new infection highs.

"Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential 'second wave' are weighing on oil at the moment," said Stephen Innes, chief global market strategist at AxiCorp.

Meanwhile, an OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts to see whether countries have delivered their share of the reductions, but will not make any decision, according to five OPEC+ sources.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have been reducing supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed in early June to extend the cuts for a month until end-July.

Iraq, one of the laggards in complying with the curbs, agreed with its major oil companies to cut crude production further in June, Iraqi officials working at the fields told Reuters on Sunday.