(The Gist of PIB) India signs $1.5 billion loan with ADB to support India’s COVID-19 immediate response

India signs $1.5 billion loan with ADB to support India’s COVID-19 immediate response

• The Government of India and the Asian Development Bank (ADB) today signed a $1.5 billion loan that will support the government’s response to the novel coronavirus disease (COVID-19) pandemic.

About:

• The signatories to the loan agreement for the ADB’s COVID-19 Active Response and Expenditure Support Programme (CARES Programme).
• It focuses on immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups.

Background: 

• Earlier, the ADB’s Board of Directors approved the loan to provide budget support to the government to counter and mitigate the adverse health and socio-economic impact of the pandemic. 
• COVID-19 containment plan to rapidly ramp up test-track-treatment capacity, and 
• Social protection for the poor, vulnerable, women, and disadvantaged groups to protect more than 800 million people over the next three months.

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Courtesy: PIB