On 15th May 2020, World Bank approves Rs 7500 crore (1 billion USD) to increase India’s COVID-19 Social Protection response Program to help the nation’s efforts in providing assistance for the poor and needy who are affected by the pandemic.
i.The COVID-19 situation around the globe requires the governments to impose social distancing and lockdowns in unprecedented ways to contain the spread of novel coronavirus which highly affected the economies and jobs majorly in the informal sector.
ii.Rs. 4100 crore (USD 550) of the approved Rs.7500 crore will be credited from the International Development Association(IDA) ,the World Bank’s concessionary lending arm.
iii.The International Bank for Reconstruction and Development(IBRD) will loan 1500 crore (USD 200) with maturity of 18.5 years including a grace period of five years. The balance Rs.1900 crore (USD 250) will be available after the 30th June, 2020.
iv.This makes the total commitment from the World Bank to India for the COVID-19 response to Rs.15000 crore(USD 2 billion).
About World Bank:
President- David Malpass
Managing Director of Operations- Axel van Trotsenburg
Headquarters- Washington DC, United States of America