5th Annual Meeting of Board of Governors of NDB

The Board of Governors (BoG) of the New Development Bank (NDB) held its Fifth Annual Meeting virtually on April 20, 2020.

Daily Current Affairs Quiz 2020

Key-Points

NDB’s efforts to deliver its mandate successfully by taking a more sustainable and inclusive approach were highlighted.

The Minister discussed the bank’s effort on fast-tracking of financial assistance of about $5 billion to BRICS countries including Emergency Assistance of $1 billion India to combat COVID-19 pandemic.

The Bank has directed the bank’s assistance under this facility to be enhanced to $10 billion.

The bank has initiated the creation of a COVID-19 Emergency Fund and supported India’s efforts in supplying critical medicine to the needy countries to tackle the COVID-19.

The various measurements of the bank to support India in tackling the COVID-19 pandemic include an allocation of $2 Billion by GoI to strengthen the healthcare system.

It also announced a scheme of social support measures amounting to $25 Billion to alleviate the hardship of the poor and the vulnerable and provided insurance cover of $67,000 per person to over 2.2 million frontline health workers.