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ADB provided $1.5 billion to India to deal with pandemic

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ADB-provided-$1The latest Annual Report of Asian Development Bank(ADB) released on 27th April 2021 showed that ADB had provided $1.5 billion(~Rs 1.11 lakh crore) to India in supporting the response to tackle covid-19.

About the funding:

i.In 2020,ADB has committed  to provide $31.6 billion to help Asia and the Pacific to tackle Covid-19 outbreak and to support a green, sustainable recovery from the pandemic and address long term development challenges.

ii.The $31.6-billion ADB committed from its own resources in 2020 was 32 percent higher than 2019’s $24 billion.

iii.Half of ADB’s 2020 commitments i.e $16.1 billion, was targeted for pandemic response, and the rest was for helping developing member countries (DMCs) to address the long-term development agenda, such as advancing gender equality, tackling climate change, and investing in quality infrastructure

iv.The $1.5 billion financing to India is a part of the ADB’s $16.1 billion pandemic response in 2020 through a $20 billion assistance package announced by ADB in April 2020 to help its 26 member countries in managing the pandemic.

Private sector Funds:

Apart from this,ADB has supported private sectors by providing $2.9 billion out of the $16.1 billion which included direct support to private sector companies, as well as through trade and supply chain finance to keep trade networks functioning.

ADB had also launched a $9 billion facility to support access to safe and effective vaccines and their equitable and efficient delivery.

  • To fund these commitments, ADB implemented the largest borrowing programme in its history by raising $35.8 billion through local currency bonds and green, gender, health, and water bonds.
  • The bank also mobilised record co-financing of $16.4 billion, which included $10.8 billion for Covid-19 response, from peer international organisations and private financial institutions.

About Asian Development Bank(ADB):

Headquarters: Mandaluyong,Manila,Philippines
Membership:68 countries(Including India)
President of ADB and Chairperson of ADB’s Board of Director: Masatsugu Asakawa