Asian Development Bank (ADB) approves $1.5B loan for India to fight COVID-19

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The main aim of the Asian Development Bank (ADB) is to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to market social and economic development.

ADB and India have a long record of close collaboration through activities such as support to India’s aim to accelerate economic transformation by building industrial competitiveness, creating jobs, accelerating growth of low-income states, and addressing environmental and global climate change challenges.

The Asian Development Bank (ADB) on 28 April 2020 approved a $1.5 billion loan to the govt of India to assist fund its response to the novel coronavirus disease (COVID-19) pandemic, it aims to contain and prevent the disease, protect the poor and economically vulnerable sections of the society, especially women and disadvantaged groups.

“ADB is fully committed to supporting the govt of India in its response to the present unprecedented challenge,” said ADB President Masatsugu Asakawa. “The quick-disbursing fund is a component of a bigger package of support that ADB will provide in close coordination with the govt and other development partners. We are determined to support India’s COVID-19 response programs and make sure that they supply effective support to the people of India, especially the poor and vulnerable.”

ADB’s COVID-19 Active Response and Expenditure Support (CARES) Program will contribute on to the event of access to health facilities and care, also as social protection for quite 800 million people, including families below the poverty level, farmers, health care workers, women, senior citizens, people with disabilities, low wage earners, and construction workers. The CARES Program is funded through the COVID-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility. CPRO was established as a neighborhood of ADB’s $20 billion expanded assistance for developing member countries’ COVID-19 response, which was announced on 13 April.

(ADB)The CARES Program is going to be given a $2 million technical assistance grant to support the govt to strengthen its operational framework and efficient targeting, delivery, and monitoring and evaluation of its pro-poor economic package, also as its health sector and social protection interventions.

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. The government’s COVID-19 response program includes a $2 billion health sector project to rapidly build up test-track-treatment capacity; and a $23 billion pro-poor relief package, (ADB) which can provide additional social protection measures targeting the poor, women, vulnerable population, and disadvantaged groups. Insurance coverage for all kinds of doctors engaged within the COVID-19 response is additionally included. Around 65% of the package is within the sort of direct supplementary benefit and protection to the poor and vulnerable, including women.

 

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