The Asian Development Bank has approved USD 1.5 billion to India to support it during the time of crisis. In order to ensure disease containment and prevention, as well as social protection for the poor and economically vulnerable sections, the financial assistance is being provided by Asian Development Bank to India. The ADB $ 1.5B fund is provided to help the country to revive its economy and bring the operations back to normal, added spokesperson.
According to reports, on Tuesday the Asian Development Bank approved the $ 1.5 B to India, to fught Coronavirus. On Tuesday ADB stated that $1.5 billion loan has been approved to Govt of India to help fund its response to COVID-19 pandemic, incl support for immediate priorities such as disease containment & prevention, as well as social protection for poor & economically vulnerable sections of the society. Asian Development Bank after IMF and World Bank has become third lender of funds to India, in fught against Covid19, earlier two prominent organizations had already assisted Asian countries, including Pakistan to tackle pandemic.
In its report ADB said 'It is fully committed to support the Indian government in its response to this unprecedented challenge.The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners.' 'We are determined to support India's COVID-19 response programs and ensure that they provide effective support to the people of India, especially the poor and vulnerable,' Asakawa said in a statement.', said ADB President Masatsugu Asakawa.
Covid-19 Active Response and Expenditure Support (CARES) Program will ensure access to health facilities and provide medical security to poor people, families below the poverty line, senior citizens, women and other low wage earners. ADB said it will assist the government in its strengthening efforts and contribute their part in providing monetary assistance.
$1.5 billion loan approved to Govt of India to help fund its response to COVID-19 pandemic, incl support for immediate priorities such as disease containment&prevention, as well as social protection for poor&economically vulnerable sections of the society: Asian Development Bank— ANI (@ANI) April 28, 2020
Whereas counting its own steps, India has taken proactive and decisive measures to contain COVID-19 to protect lives, including the implementation of social distancing, community quarantine, and testing and tracking, it said. Under the program USD million technical support will be given to the government to help the government to enhance its operational efficiency and analysing its earlier economic package.
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