ADB approves USD 1.5 bn loan to India for COVID-19 vaccine procurement

Asian Development Bank (ADB) has approved a $1.5 billion loan (approx Rs 11,185 crore) to help the Government of India purchase safe and effective vaccines against the coronavirus (COVID-19). The fund will be used to procure at least 66.7 crore COVID-19 vaccine doses for an estimated 31.7 crore people of the country. The Asian Infrastructure Investment Bank is expected to co-finance an additional USD 500 million for the project.

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Beijing-based AIIB is a multilateral development bank focused on developing Asia. It has members from all over the world. It will support India’s National Deployment and Vaccination Plan which aims to fully vaccinate 94.47 crore people aged 18 years and above, accounting for 68.9 per cent of the population.

About the vaccine:

Vaccines are critical in overcoming the intertwined health, social, and economic impacts of the pandemic, including rejuvenating economic activities, sustaining health services, restoration of livelihoods, and reopening of educational institutions, with a renewed focus on social and human development priorities.

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