ADB assures India of 2.2 bn US dollar support to fight against COVID-19 pandemic

News Bharati    11-Apr-2020 16:56:41 PM
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New Delhi, April 11: President of Asian Development Bank, Masatsugu Asakawa, today, assured Finance Minister Nirmala Sitharaman of 2.2 billion dollars or about 16,500 crore rupees, support to India in its fight against the COVID-19 pandemic.

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"ADB is committed to supporting India's emergency needs. We are now preparing 2.2 billion dollar in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector", Asakawa said.
 
He added, ADB assistance for India will be further increased if needed. All financing options available with ADB will considered to meet India's needs, including emergency assistance, policy-based loans, and budget support to facilitate swift disbursement of funds, he said.
 
ADB's support to India aims to accelerate economic transformation by building industrial competitiveness, creating jobs, accelerating growth of low-income states, and addressing environmental and climate change challenges. India was a founding member of ADB in 1966 and is now the bank’s fourth-largest shareholder and top borrower. ADB commenced operations in India in 1986 and has since committed 229 sovereign loans totaling $38.9 billion.
 
 
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