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$1.5 BILLION ADB LOAN TO FUND COVID-19 EMERGENCY RESPONSE

Why in news?

  • The Government of India has taken a $1.5 billion loan from the Asian Development Bank (ADB) to fund its immediate response to the coronavirus (COVID-19) pandemic, both in terms of the health and socio-economic impacts.
  • The money, translating to more than ₹11,000 crore, will be spent to implement the containment plan and rapidly ramp up test-track-treatment capacity. It will also be used to provide social protection for 80 crore poor people over the next three months.
  • The loan, approved by the ADB under its COVID-19 Active Response and Expenditure Support (CARES) Programme, is the bank’s largest ever to India.

Read more about the ADB Loan at:

https://www.legacyias.com/pib-28th-april/

(3rd Article in the PIB Summary)

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