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The World Bank on Friday approved $ 1 billion ‘Accelerating India’s COVID-19 Social Protection Response Program’ to support the country’s efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.
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This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $ 2 billion.
A $ 1 billion support was announced last month to support India’s health sector.
The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.
These measures, intended to contain the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world’s largest lockdown has not been an exception to this trend, he said.
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Of the $ 1 billion commitment, $ 550 million will be financed by a credit from the International Development Association (IDA) – the World Bank’s concessionary lending arm and $ 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 grace period of five years.
The remaining $ 250 million will be made available after June 30, 2020.
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