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BRICS’ New Development Bank provides USD 1 billion loan to India to fight COVID-19

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BRICS' New Development Bank provides USD 1 billion loanIn order to provide a financial aid to Indian economy which is facing human, social and economic losses due to COVID-19 pandemic and lockdown, the New Development Bank of the BRICS (Brazil, Russia, India, China and South Africa) countries has fully disbursed USD one billion emergency assistance loan to India.

  • The ‘Emergency Assistance Program Loan’ to India was approved by the NDB Board of Directors on April 30, and it is aimed at supporting the Indian government to contain the spread of COVID-19 and to provide financial aid.
  • Emergency Assistance Program Loan to India was approved in quick response to the urgent request. The programme’s scope of financing includes Healthcare Sector Emergency Response and Strengthening Social Safety

About NDB
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations.
Establishment– 2014
Headquarter– Shanghai, China
Chairman -K V Kamath

About BRICS:
Establishment– 2009
Members– 5
Theme for 2020– “BRICS Partnership for Global Stability, Shared Security and Innovative Growth”.