Emergency Assistance Program Loan of USD 1 billion has been approved by the New Development Bank (NDB) to India. The Emergency Assistance Program Loan aims to support the Government of India in its attempt to curb the spread of COVID-19 as well as to minimize the human, social and economic losses caused by the COVID-19 outbreak. This is NDB’s second emergency assistance program in order to help its member countries to fight COVID-19.
The program will help India by providing critical healthcare resources and strengthening the social safety net which will improve the resilience of public health sector and health emergency response systems, and facilitate the socio-economic recovery in India.
Important takeaways for all competitive exams:
- President of New Development Bank: K V Kamath.
- New Development Bank was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS.