For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

World Bank Approves $1 Billion More For India's Fight Against COVID-19

By Staff
|

On Friday, the World Bank approved $1 billion 'Accelerating India's COVID-19 Social Protection Response Program' to support the country's efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic. With this, the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

Last month, the organisation had announced $1 billion to support India's health sector.

World Bank Approves $1 Billion More For India's Fight Against COVID-19
 

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

These measures, intended to contain the spread of the virus have, however, impacted economies and jobs - especially in the informal sector. India with the world's largest lockdown has not been an exception to this trend, he said.

Of the $1 billion commitment, $550 million will be financed by a credit from the International Development Association (IDA) - the World Bank's concessionary lending arm and $200 million will be a loan from the International Bank for Reconstruction and Development (IBRD), with a final maturity of 18.5 years including a grace period of five years.

The remaining $250 million will be made available after 30 June 2020.

Read more about: world bank coronavirus
Story first published: Friday, May 15, 2020, 12:18 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more