ADB provided $1.5-billion to India for Covid response
The Asian Development Bank has provided fiscal support of 1.5 billion USD to India to fight against COVID-19 crisis. This is according to the Annual Report, 2020 of ADB that was released recently. This is part of the fiscal support the bank has set aside for pandemic.
Key Findings of the Report
- The Asian Development Bank had allocated 31.6 billion USD for Asia and Pacific regions in 2020. This is to support a green and sustainable green recovery. Also, it focused on long term development projects.
- In 2020, the Asian Development Bank allocated 16.1 billion USD for COVID-19 pandemic. This is more than half of the total financial assistance committed by the bank.
- Of the 16.2 billion USD, 2.9 billion USD was for the private sector.
- The financial support committed by ADB for the Asia and Pacific regions is 32% higher than that of 2019. In 2019, the bank allocated 24 billion USD to the region. In 2019, the bank focused on equity investments, grants and technical assistance to public and private sector.
India accounted to 16.29% of total loans at the bank and was the largest borrower. China was the second largest borrower contributing to 15.25%.
ADB Contributions to India
The following loans were provided by Asian Development Bank in the year 2020
- ADB provided 1.5 billion USD for India to fight COVID-19. This was under the CARES Programme.
- ADB approved 484 million for CKIC project
- 100 million USD to boost power supply in Bengaluru
- 346 Million USD Loan under RBL Modality
- 177 million USD to upgrade Maharashtra State Highways
- 1 billion USD for 2025 visioned Delhi-Meerut Rapid transit system
- 177 million USD to develop roadways
- 133 million USD Loan for Meghalaya Power Distribution Sector
- ADB is supporting the modern rapid transport system in India with a loan of 500 million USD.
- ADB provided 100 million USD loan to the Smart Energy Project that will make cities livelier. The project aims to convert overhead distribution lines to underground cables
- 50 million USD was provided to support public financial management reforms in West Bengal.
- ADB provided 3 million USD under its Asia Pacific Disaster Response Fund.
These are the loans provided by ADB to Government of India and state governments. There are other loans granted to private companies in India as well. For instance, Reliance received loan from ADB to build a power project in Bangladesh.
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