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ADB Signs Rs 100 Crore Debt Financing Agreement with Medanta to Support COVID-19 Response in India

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Medanta to get ₹100 crore loan from ADB to combat Covid-19On February 15, 2021 The Asian Development Bank (ADB) signed Rs 100 crore(USD 13.7 million) debt financing agreement with Multi-Specialty medical institute, Medanta to provide essential health care services and medical equipment to India.

Purpose: To Support COVID-19 Response in India

About the funding:

i.This financing is part of the $20 billion assistance package announced by ADB in April 2020 to help its developing members manage the pandemic.

ii.The funding enhances the sovereign support of ADB to India, including a $1.5 billion loan approved in April 2020 to Combat COVID-19

Key People

Aniruddha Patil, head of Health and Education Investments at ADB’s Private Sector Operations Department, and Naresh Trehan, Chairman and Managing Director of Medanta signed the agreement.

About the Project:

The project will support the following:

  • Purchase of personal protective equipment, basic hygiene products, and patient care equipment such as ventilators and beds.
  • Training programs on Infection prevention and control for Staff.

Recent Related News:

On January 15, 2021, The Asian Development Bank (ADB) and the European Investment Bank (EIB) initiated a Clean and Sustainable Ocean Partnership to achieve Sustainable Development Goals (SDGs) and the climate goals as advised in the Paris Agreement. In this regard, both entities will support the initiatives in Asia and the Pacific.

About Medanta:

The Global Health Private Ltd. operates and manages hospitals across India under the Medanta brand.
Headquarters– Gurgaon, Haryana
Chairman & Managing Director– Dr. Naresh Trehan

About  Asian Development Bank (ADB):

Establishment– 1966
Headquarters– Mandaluyong, Manila, Philippines
Membership– 68 countries(Including India)
President of ADB  and Chairperson of ADB’s Board of Director– Masatsugu Asakawa