Coronavirus outbreak: $1.5 bn loan aims to provide support to Indian people, says ADB

The $1.5 billion loan by Asian Development Bank (ADB) to India has been sanctioned with a view to support immediate priorities including disease containment and prevention, along with social protection for the poor and economically vulnerable sections. The grant also ensures complete support to the Indian government in fighting against the coronavirus pandemic, ADB President Masatsugu Asakawa said in a statement on Tuesday. The fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners, Masatsugu Asakawa added.

The $1.5 billion loan by Asian Development Bank (ADB) to India has been sanctioned with a view to support immediate priorities including disease containment and prevention, along with social protection for the poor and economically vulnerable sections. The grant also ensures complete support to the Indian government in fighting against the coronavirus pandemic, ADB President Masatsugu Asakawa said in a statement on Tuesday. The fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners, Masatsugu Asakawa added.

"We are determined to support India's COVID-19 response programs and ensure that they provide effective support to the people of India, especially the poor and vulnerable," Masatsugu Asakawa said.

The signatories to the loan agreement for the ADB's COVID-19 Active Response and Expenditure Support Programme (CARES Programme) were Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), in the Department of Economic Affairs in Ministry of Finance, and Kenichi Yokoyama, Country Director, ADB, in India.

"We will continue to engage with the government to strengthen the implementation framework and capacities including monitoring and evaluation systems of its health services and social protection programmes so that the benefits reach to the poor, women, and other disadvantaged people," said Kenichi Yokoyama.

"ADB's financial and technical support will contribute to the sound implementation of the government's far reaching emergency response programs launched in March 2020," Sameer Kumar Khare said.

ADB is also in talks with the government for further possible support to boost growth and support robust recovery. ADB plans to support the affected industries and entrepreneurs particularly micro, small, and medium-sized enterprises (MSMEs) by facilitating their access to finance through credit guarantee schemes.

Also read: Coronavirus India Live Updates: 1,543 new cases in last 24 hours, recovery rate improves to 23.3%

Also read: RIL Q4 result: Mukesh Ambani's Reliance to consider rights issue after 3 decades