USD 1 Billion aid to India by World Bank

USD 1 Billion aid to India by World BankThe World Bank on Friday affirmed USD 1 billion aid  ‘Accelerating India’s COVID-19 Social Protection Response Program’ to help the nation’s endeavours for giving social help to poor people and defenseless families, seriously affected by pandemic.

This sums up the total aid facilitated by World Bank for tacking the pandemic in India to USD 2 billion.

Last month, India was supported with USD 1 billion aid for 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.

Of the USD 1 billion aid, USD 550 million will be financed by a credit from the International Development Association (IDA) – the World Bank’s concessionary loaning arm and USD 200 million will be an advance from the International Bank for Reconstruction and Development (IBRD), with a last development of 18.5 years including a grace period of five years.

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