India receives $1bn loan from BRICS bank to fight COVID-19

The loan will help India to contain the spread of the virus and reduce human, social and economic losses.

The New Development Bank of the BRICS countries provided $1 billion emergency assistance loan to India to help it to contain the spread of the coronavirus and reduce human, social and economic losses caused by the virus outbreak.

Shanghai-based New Development Bank's Board of Directors approved the 'Emergency Assistance Program Loan' to India on 30 April.

Xian Zhu, Vice President and Chief Operations Officer, New Development Bank, said: “The bank is fully committed to supporting its member countries in the time of calamity. 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.”

The programme's scope of financing includes Healthcare Sector Emergency Response and Strengthening Social Safety Net for expenditures already incurred since 1 January, and the expected public expenditure for onward transmission containment and social safety net associated with COVID-19 up to March 2021, the bank said in a statement.