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13 May, 2020 08:48

BRICS bank provides India with $1bn emergency loan to fight Covid-19 pandemic

BRICS bank provides India with $1bn emergency loan to fight Covid-19 pandemic

The BRICS’ New Development Bank (NDB) said it has disbursed a billion-dollar emergency assistance loan to India to help the country contain the spread of coronavirus and reduce losses caused by the outbreak.

According to the bank, the so-called ‘Emergency Assistance Program Loan’ was approved by the NDB Board of Directors on April 30.

“The NDB is fully committed to supporting its member countries in the time of calamity. The Emergency Assistance Program Loan to India was approved in quick response to the urgent request and immediate financing needs of the Government of India in fighting Covid-19," said Xian Zhu, the bank’s vice president and chief operations officer. 

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The program aims to fund, and thus enhance, India’s critical healthcare system, as well as providing immediate economic assistance to the vulnerable and affected groups.

On Tuesday, India’s Prime Minister Narendra Modi announced a massive new stimulus package of a combined Rs 20 lakh crore ($266 billion) – approximately ten percent of the country’s GDP.

The death toll due to Covid-19 in India rose to 2,415 on Wednesday, with the total number of cases climbing to 74,281, according to the Union Health Ministry. 

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The Shanghai-based NDB, which was established in 2014, provides funding for infrastructure and sustainable development projects in emerging economies. With capital of up to $100 billion, it aims to continue issuing financial products denominated in the local currencies of its member countries – China, Russia, Brazil, India, and South Africa.

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