COVID-19: ADB triples financial aid for members to $20 billion
PTI, Apr 13, 2020, 9:08 PM IST
New Delhi: The Asian Development Bank (ADB) on Monday said it has tripled the size of its COVID-19 response package for its member nations to $ 20 billion.
The multilateral funding agency said it has also approved measures to streamline its operations for quicker and more flexible delivery of assistance.
The package expands ADB’s $6.5 billion initial response announced on March 18, adding $ 13.5 billion in resources to help its developing member countries counter the severe macroeconomic and health impacts caused by COVID-19, it said in a release.
The $20 billion package includes about $2.5 billion in concessional and grant resources, it added.
This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction, and throw economies into recession, said ADB President Masatsugu Asakawa.
The package will be delivered more quickly, flexibly, and forcefully to the governments and the private sector in our developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn Asakawa added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
TN CM deputes 11 ministers to coordinate rescue, relief ops, announces solatium
Modi to lay foundation stone for new Parliament Building on Dec 10
Agri minister Tomar tells farmer unions that Centre committed to talks at fifth round of meeting
Related Articles More
China raises its flag on Moon before probe lifts off with lunar samples
Moscow begins mass COVID-19 vaccination with its Sputnik V shot
WHO chief volunteers to take COVID-19 vaccine on camera
Vaccines will be no magic bullet for Covid-19 crisis, says WHO
People have a right to demonstrate peacefully: UN spokesperson on farmers’ protest in India
K’taka COVID-19 update: 1325 new cases, 1400 discharges, 12 dead on Dec 4
Republic TV Official Ghanshyam Singh, Another Accused Get Bail in TRP Rigging Scam
Pakistan Violates Ceasefire Along LoC and IB in J&K, Targets Villages and Forward Posts
Mangaluru: Two arrested in Pro-terror graffiti case
BJP Trying to Instigate People to Create Trouble at Bengal Govt’s ‘Duare Sarkar’ Camps: Labour Minister