The Asian Development Bank (ADB) has increased the size of its COVID-19 Response Package to $20 Billion. The amount in the COVID-19 Response Package was initially $6.5 billion as per announcement in March 2020 as ADB’s response to the novel coronavirus disease (COVID-19) pandemic. ADB has also approved ways and means to streamline its actions for quicker and more flexible delivery of assistance.
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About COVID-19 Response Package:
The COVID-19 Response Package was announced by the Asian Development Bank (ADB) for its developing member countries to counter the severe macroeconomic and health impacts caused by COVID-19. ADB will deliver the delivered the assistance to the governments and the private sector of its developing member countries in order to help them address the urgent challenges in tackling the pandemic and economic downturn. The $20 billion package also includes about $2.5 billion in the form of concessional and grant resources.
Important takeaways for all competitive exams:
- President of Asian Development Bank: Masatsugu Asakawa.