ADB approves 1.5 Billion USD for India under CARE Program
The Asian Development Bank has approved a 1.5 billion USD package for India under its CARE program to help fight COVID-19.
CARE or COVID-19 Active Response and Expenditure Support Program is an assistance program launched by ADB to provide for the immediate requirements of the government in times of the COVID-19 pandemic and the Great Lockdown. The funds provided under this program is to enable the pandemic’s containment, ramp up testing rates, ensure social protection of the vulnerable categories of the population, etc.
About the Agreement
ADB agreed to provide a loan of 1.5 billion USD to India- its largest borrower with disbursements nearing 30 billion USD. The package is aimed at addressing the fiscal response needs and need to strengthen emergency health measures. It will be for priority areas like disease prevention, containment and social protection. The ADB is in talks to provide further support for specific sectors like the MSME.
ADB or Asian Development Bank is a multilateral lending bank headquartered in Philippines. It is a regional development bank established in 1966 along the World Bank model. Its objective is to promote socio-economic development in the Asia- Pacific and to eradicate extreme poverty.