World Bank approves $1 billion to support India’s fight against COVID-19
- The World Bank on Friday approved USD 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.
- This takes the total commitment from the World Bank towards emergency COVID-19 response in India to USD 2 billion.
- A USD 1 billion support was announced last month to support India’s health sector.
- 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.
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The USD 1 billion commitment, USD 550 million will be financed by a credit from the International Development Association (IDA) – the World Bank’s concessionary lending arm and USD 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 USD 250 million will be made available after June 30, 2020.
About World Bank-
- Headquarters– Washington DC, United States of America
- President-David Malpass
- Managing Director -Axel van Trotsenburg
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