The Asian Development Bank (ADB) said on Monday it has tripled the size of its response to the COVID-19 pandemic to 20 billion U.S. dollars and approved measures to streamline its operations for quicker and more flexible delivery of assistance.

The Manila-based bank said the package expands ADB's 6.5-billion-U.S.-dollar initial response announced on March 18, adding 13.5 billion U.S. dollars in resources to help ADB's developing members counter the severe macroeconomic and health impacts caused by COVID-19.

The new package includes about 2.5 billion U.S. dollars in concessional and grant resources, the ADB said.

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, ADB President Masatsugu Asakawa said in a statement.