ADB approves USD 1.5 Bn loan to India to help fund its fight against COVID-19

Asian Development Bank (B) on Tuesday approved a USD 1.5 billion loan to India to help fund its response to vel Coronavirus (COVID-19) pandemic. amount includes support for immediate priorities such as disease containment and prevention, as well as social protection for poor and ecomically vulnerable sections of society, especially women and disvantd groups, regional lender said.

“B is fully committed to supporting Government of India in its response to this unprecedented challenge,” B President Masatsugu Asakawa was quoted as saying in an official press release.

“ quick-disbursing fund is part of a larger pack of support that B will provide in close coordination with government and or development partners. We are determined to support India’s COVID-19 response programs and ensure that y provide effective support to people of India, especially poor and vulnerable,” Asakawa ded.

RE | Remittances To India Likely To Decline By 23 Pc In 2020 Due To COVID-19: World Bank

Health and social protection

Manilla-based bank said its COVID-19 Active Response and Expenditure Support (CARES) Program will contribute directly to improvement of access to health facilities and care, as well as social protection for more than 800 million people, including families below poverty line, farmers, health care workers, women, senior citizens, people with disabilities, low w earners, and construction workers.

CARES Program is funded through COVID-19 pandemic response option (CPRO) under B’s Countercyclical Support Facility. CPRO was established as part of B’s USD 20 billion expanded assistance for developing member countries’ COVID-19 response, which was anunced on April 13.

CARES Program will be provided with a USD 2 million technical assistance grant to support government to strengn its operational framework and efficient targeting, delivery, and monitoring and evaluation of its pro-poor ecomic pack, as well as its health sector and social protection interventions, bank said.

RE | Lockdown In India Has Impacted 40 Million Internal Migrants: World Bank

Support to ecomic recovery

B also plans to support government efforts in medium term by coordinating with or development partners to stimulate ecomy, build capacity for monitoring and evaluation of government programs, and improve ecomic resilience against future shocks. This will include a credit enhancement facility for infrastructure projects, better access to finance for micro, small, and medium-sized enterprises who are particularly hit by an ensuing global recession and strengning of public service delivery at national and state levels.

RE | World Bank To Launch New Multi-dor Trust Fund For Low-income Countries

India took proactive, decisive measures

B said India has taken proactive and decisive measures to contain COVID-19 to protect lives, including implementation of social distancing, community quarantine, and testing and tracking. It has ted Rs 1.7 trillion relief pack unveiled by Centre last month that provides for immediate assistance for poor through ditional social protection measures and insurance cover for all s of health workers.

RE | 'Allow Markets To Function': IMF, World Bank Urge Countries To Keep Tre Open Amid Covid