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Updated: May 15, 2020 11:58:40 AM
Earlier last month, $ 1 billion in support was announced to support India’s healthcare sector. (Express File Photo / Amit Mehra)
The World Bank has approved a billion-dollar grant to support India’s efforts to provide social assistance to poor and vulnerable households amid the coronavirus outbreak, according to a statement from the international financial institution released on Friday. With this, the World Bank’s total commitment to the COVID-19 emergency response in India has now reached USD 2 billion. Earlier last month, $ 1 billion in support was announced to support India’s healthcare sector. Follow live updates on the coronavirus outbreak
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In elaborating on financial support, World Bank Director for India Junaid Ahmad said the institution will partner with the Indian government in three key areas. “The Word Bank will partner with the Government of India in three areas: health, social protection and micro, small and medium-sized enterprises (MSMEs),” said Ahmad in a webinar interaction with the media.
“India’s social protection focuses on migrants, unorganized workers, portability and creating a system integration. It is complemented by an existing infrastructure of the public distribution system, Jan Dhan, Aadhar and mobile devices,” Ahmad said.
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He added that the response to the worldwide COVID-19 pandemic has required governments around the world to introduce social distancing and blockades in unprecedented ways.
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However, these measures, aimed at containing the spread of the virus, have impacted economies and jobs, especially in the informal sector. India with the world’s largest blockade has been no exception to this trend, he said.
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Of the USD 1 billion commitment, USD 550 million will be financed by a loan from the International Development Association (IDA), the concessionary arm of the World Bank loans, and USD 200 million will be a loan from the International Bank for Reconstruction and Development ( IBRD). with a final maturity of 18.5 years, including a five-year grace period.
The remaining $ 250 million will be available after June 30, 2020.
(With PTI inputs)
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