The Centre and the World Bank have signed two complementary loans of $500 million each to support and enhance the country’s health sector development. Through this combined financing of $1 billion, the World Bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021.
The agreement was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Auguste Tano Kouamé, Country Director, India, World Bank.
Both the loans are from the International Bank for Reconstruction and Development (IBRD), having a final maturity of 18.5 years, including a grace period of 5 years.
In addition to the national level interventions, one of the loans will prioritise health service delivery in Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu and Uttar Pradesh, the World Bank said in a statement.
The two projects are supporting India’s decision to increase the resilience and preparedness of the country’s health systems against future pandemics. This will be of great benefit for the populations of the States participating in the projects and will generate positive spillovers for other States.
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