News:The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan for COVID-19 Active Response and Expenditure Support Programme (CARES Programme)
Facts:
The loan will be used for:
- COVID-19 containment plan to rapidly ramp up test-track-treatment capacity,
- social protection for the poor, vulnerable, women, and disadvantaged groups to protect more than 800 million people over the next three months.
Additional Facts:
Asian Development Bank (ADB)
- It is a regional development bank established in 1966. It is headquartered in Manila, Philippines.
- Aim: To promote social and economic development in Asia.
- Members: 68 members, of which 48 are from within Asia and the Pacific and 19 outside.
- Japan and the US hold the largest proportion of shares in ADB followed by China, India and Australia.
- It is an official United Nations Observer.
