Current Affairs In Detail

ADB announced USD 2.2 billion to support India to combat coronavirus pandemic
ADB announced USD 2.2 billion to support India to combat coronavirus pandemic

It aims to help the health sector of India and to help alleviate the economic impact of the pandemic on the poor. The fund will benefit informal workers, micro, small, and medium-sized enterprises, and the financial sector of India.

10 April 2020 Current Affairs:Asian Development Bank (ADB) has announced that it is to fiund $2.2 billion (about Rs.16,500 crore) support to India in its fight against the COVID-19 pandemic. ADB is committed to supporting India's emergency needs. 

Aim:
♦ It aims to help the health sector of India and to help alleviate the economic impact of the pandemic on the poor. The fund will benefit informal workers, micro, small, and medium-sized enterprises, and the financial sector of India.
♦ This is straining a large number of micro, small, and medium-sized enterprises, and the livelihood of formal and informal labourers across the country.
♦ ADB has announced that is to meet India's needs by considering all financing option including emergency assistance, policy-based loans, and budget support to facilitate swift disbursement of ADB funds.

ADB:
Formed on: 19 December 1966
Headquarters: Philippines
Membership: 68 countries
President: Masatsugu Asakawa
ADB aims to promote social and economic development in Asia. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific and works to sustain its efforts to eradicate extreme poverty.