Udayavni Special

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.

Top News

Mangaluru: Two arrested in Pro-terror graffiti case

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

Sandalwood drug case: Court permits CCB sleuths to collect hair samples of accused

Covaxin a 2-dose anti-coronavirus vaccine, Anil Vij got only 1st dose: Union health ministry

Many of the BJP people are associated with Rajinikanth now: Dinesh Gundu Rao



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

MUST WATCH

Mangaluru: Two arrested in Pro-terror graffiti case

Karnataka bandh over Maratha board | Udayavani

M’luru boat tragedy: Search operation still on for Ansar’s body

Deer falls into well, rescued

Without sulking from his illness, this young man changed his life through agriculture

Latest Additions

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

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.