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Asian Development Banks approves 1.5 billion USD to India to Combat COVID-19

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On 28th April 2020 The Asian Development Bank (ADB) approved the loan of 1.5 Billion USD (Rs.11,400 crore) to India to fund the actions to take against the novel coronavirus pandemic like to support disease containment and prevention and social protection for the poor and working-class population who are in vulnerable economic condition.ADB approves $1Key Points:

i.The President ADB, Masatsugu Asakawa assured that the ADB is committed to support the Government of India’s novel coronavirus response programs and to provide support to the people of India.

ii.The disbursing of the fund is a part of the package of support form the ADB in coordination with the government and the other development partners.

iii.ADB’s COVID-19 Active Response and Expenditure Support (CARES) Program will directly contribute to provide access to the healthcare facilities and social protection to more than 800 million people including the population below the poverty line, farmers, healthcare workers, women, senior citizens, people with disabilities, low wage earners and construction workers.

iv.The CARES is funded by the COVID-19 Pandemic Response Option(CPRO) under the ADB Counter-cyclical Support Facility.

v.On 13th April 2020, the CPRO established as a part of ADB’s $20 billion USD expanded assistance for the developing member countries.

vi.The Governments programs for COVID-19 response includes $2 billion for the health sector projects and a $23 billion for pro-poor package including the insurance coverage for the health care workers of all type who are engaged in the COVID-19 response and 65% of the package is in the form of direct social assistance and protection.

About ADB:
The ADB charter is the agreement establishing the Asian Development Bank, which vests all the powers of the institution in the board of Governors.
Chairperson– Hong Nam-Ki
Vice Chairpersons– Sri Mulyani Indrawati & Pierre Gramegna
Headquarters– Metro Manila, Philippines
Opened on– 19th December 1966