The Strategist

Asian Development Bank allocates $ 1.5B to India to fight COVID-19

04/29/2020 - 03:48

On Tuesday, the Asian Development Bank (ADB) allocated a loan of $ 1.5 billion to India to fight coronavirus, localize and prevent diseases, and protect the poor and economically vulnerable sectors of the society, the bank said.

Bruno Corpet
Bruno Corpet
"ADB is fully committed to supporting the Government of India in responding to this unprecedented challenge. The Quick Disbursement Fund is part of a broader support package that ADB will provide in close coordination with the government and other development partners. We are committed to supporting Indian COVID-19 response programs and ensure their effective support to the people of India, especially the poor and vulnerable," said ADB President Masatsugu Asakawa.

It is noted that the ADB's COVID-19 Active Response and Expenditure Support (CARES) program will help improve access to medical facilities in member countries of the bank, as well as social protection of more than 800 million people, including families below the poverty line, farmers, workers, women and many others. The bank plans to allocate $ 20 billion for this program.

"In the medium term, ADB will support the government’s efforts and coordinate with other development partners to stimulate the economy, build capacity to monitor and evaluate government programs and increase the resilience of the economy to future shocks," the report said.

India had previously adopted a number of containment programs for COVID-19, in particular a $ 2 billion health sector financing project and a $ 23 billion aid package for the poor.

According to data on Tuesday, in India more than 29 thousand people became infected with coronavirus, more than 21 thousand patients are treated. 6.8 thousand people defeated the disease, 934 died.