ADB assures Rs 16,500 cr support package to India for COVID-19 response; commends govt's response to pandemic

ADB is also engaged with the private sector to meet its financing needs during this period, ADB said in a statement.

Press Trust of India April 10, 2020 11:10:33 IST
ADB assures Rs 16,500 cr support package to India for COVID-19 response; commends govt's response to pandemic

New Delhi: Asian Development Bank (ADB) president Masatsugu Asakawa on Friday assured Finance Minister Nirmala Sitharaman of $2.2 billion (about Rs 16,500 crore) support to India in its fight against the COVID-19 pandemic.

ADB assures Rs 16500 cr support package to India for COVID19 response commends govts response to pandemic

Representational image. Reuters

In a call, Asakawa commended the Indian government''s decisive response to the pandemic, including a national health emergency programme, tax and other relief measures provided to businesses and a $23 billion (Rs 1.7 lakh crore) economic relief package announced on 26 March to provide immediate income and consumption support to the poor, women, and workers affected by the three-week nationwide lockdown.

"ADB is committed to supporting India''s emergency needs. We are now preparing $2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector," Asakawa said.

ADB is also engaged with the private sector to meet its financing needs during this period, ADB said in a statement.

"ADB assistance for India will be further increased if needed. We will consider all financing options available with us to meet India''s needs, including emergency assistance, policy-based loans, and budget support to facilitate swift disbursement of ADB funds,” he said.

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