Asian Development Bank provides USD 1.5 billion to India to deal with COVID-19

The Asian Development Bank (ADB) on Tuesday said it has provided USD 1.5 billion to India to deal with the COVID-19 pandemic.

The institution had announced a package of USD 20 billion in April 2020 to provide financial support to 26 countries to help fight the pandemic, it said in a release.

"ADB's USD 16.1 billion pandemic response in 2020, through a USD 20 billion package announced in April 2020, was provided in various ways, most notably via a new COVID-19 Pandemic Response Option which had provided quick-disbursing fiscal support to 26 countries, including USD 1.5 billion to India, by the end of the year," it said.

Out of the USD 16.1 billion, USD 2.9 billion was for the private sector, which included direct support to companies, as well as through trade and supply chain finance to keep trade networks functioning.

ADB committed a record USD 31.6 billion in 2020 to help Asia and the Pacific tackle the COVID-19 outbreak; support a green, sustainable recovery from the pandemic; and address long-term development challenges.

The USD 31.6 billion ADB committed from its own resources in 2020 was 32 per cent higher than 2019's USD 24 billion.

"These figures comprise loans and guarantees-including short-term trade finance, supply chain finance, and microfinance-grants, equity investments, and technical assistance, both to governments and to the private sector," it said.

Half of ADB's 2020 commitments, USD 16.1 billion, was targeted for pandemic response, and the rest was for helping developing member countries (DMCs) to address the long-term development agenda, such as advancing gender equality, tackling climate change, and investing in quality infrastructure. ADB's Annual Report 2020, released on Tuesday, sets out the bank's operational and financial results for 2020 as it supported its DMCs through a year of unprecedented challenges.