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

1 min read

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.