The World Bank on the 15th of May, approved an amount of 1 billion dollars to India against the backdrop of the pandemic crisis, the Novel Coronavirus or COVID-19.
The amount has been approved under the ‘Accelerating India’s COVID-19 Social Protection Response Program’ to support several countries to fight the Novel Coronavirus.
With this, the total amount of money approved by the World Bank is 2 billion dollars. In April, the World Bank approved Rs. 1 billion dollars to India.
On the 2nd of April, the Board of Executive Directors, conducted a meeting and approved 1 billion dollars to India. The amount was approved to improve health sectors of India to fight the Novel Coronavirus.
Out of total 1 billion dollars approved today, 550 million dollar would be financed in credit from the International Development Association (IDA) the World Bank’s concessionary lending arm, 200 million dollars would be from the International Bank for Reconstruction and Development (IBRD) and the remaining 250 million dollars would be given after the 30th of June by the World Bank.
The amount would be given with a final maturity of 18.5 years, which includes a grace period of five years.
Meanwhile, India reported a total of 82,834 cases of the Novel Coronavirus or COVID-19.
Stay tuned for further updates.
