New Development Bank of BRICS countries have fully disbursed $1 billion emergency assistance loan to India to help it contain the spread of COVID-19 and reduce human, social and economic losses caused by the COVID-19 pandemic.
The ‘Emergency Assistance Program Loan’ to India was approved by the NDB Board of Directors on 30 April.
The move aims to mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
It is aimed to support the Indian government to contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus outbreak.
The programme includes Healthcare Sector Emergency Response and Strengthening Social Safety Net for expenditures already incurred since 1 January 2020.
It aims to prevent, detect, and respond to the threat posed by the COVID-19, funding critical healthcare expenditure that will enhance healthcare capacity in India and strengthen national health systems preparedness and provide immediate economic assistance to the vulnerable and affected groups. It will facilitate economic and social recovery.