Asian Development Bank Offers India $2.2 Billion For Virus Fight
A woman passes through a disinfectant tunnel at the entrance of an APMC market in Bengaluru, during the nationwide lockdown to curb the spread of coronavirus, on April 9, 2020. (Photographer: Shailendra Bhojak/PTI) 

Asian Development Bank Offers India $2.2 Billion For Virus Fight

(Bloomberg) -- The Asian Development Bank will give India $2.2 billion to help the nation contain rising coronavirus infections and offset the economic impact of the pandemic.

“ADB is committed to supporting India’s emergency needs,” Masatsugu Asakawa said in a press statement. “We are now preparing $2.2 billion in immediate assistance to the health sector and to help alleviate the economic impact of the pandemic on the poor; informal workers; micro, small, and medium-sized enterprises; and the financial sector.”

According to the statement the ADB will increase that assistance if needed. “We will consider all financing options available with us to meet India’s needs, including emergency assistance, policy-based loans, and budget support to facilitate swift disbursement of ADB funds,” Asakawa added.

India is seeking as much as $6 billion of loans from multilateral institutions people with knowledge of the matter said. The World Bank has already committed $1 billion.

India needs to rapidly scale up testing for the virus to head off the disease from infecting more of its 1.3 billion people. Proceeds including from the World Bank will be used to acquire testing kits and ventilators, turn hospital beds into intensive care unit beds and to buy personal protective equipment for health care workers.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.