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ABD announces $1.5-billion loan to India to battle Covid-19

ABD announces $1.5-billion loan to India to battle Covid-19

The Asian Development Bank (ADB) has approved a $1.5-billion loan to India to help fund its response to the coronavirus pandemic, which includes support for disease containment and prevention besides social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups. ADB, in a statement, said that it was committed to support India’s Covid-19 response programmes.

“ADB is fully committed to supporting the government of India in its response to this unprecedented challenge,” said ADB president Masatsugu Asakawa. “The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners.”

The Manila-based bank also noted that India has taken proactive and decisive measures to contain the spread of the deadly coronavirus to protect lives, including the implementation of social distancing, community quarantine, and testing and tracking.

The bank further said that its Covid-19 Active Response and Expenditure Support (CARES) Program will contribute directly to the improvement of access to health facilities and care, as well as social protection for more than 800 million people, including families below the poverty line, farmers, healthcare workers, women, senior citizens, people with disabilities, low wage earners, and construction workers.

The CARES Program is funded through the Covid-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility. CPRO was established as part of ADB’s $20 billion expanded assistance for developing member countries’ Covid-19 response, which was announced on April 13.

The multilateral agency added that it remained committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty..