BRICS loan to India to fight COVID-19 |
The Shanghai based New Development Bank of the BRICS countries on Wednesday said that it has given a 1 billion dollar loan to India to help fight and contain the Covid-19 pandemic. The NDB handed out a similar amount to China in the third week of March and It is the second such “emergency assistance loan” that it has provided to one of its member countries that are Brazil, Russia, India, China and South Africa. The `emergency assistance program loan` to India was approved by the NDB`s board of directors on the 30th of April, and is aimed at supporting the Indian government to contain the spread of Covid-19 and reduce human, social and economic losses caused by the coronavirus outbreak. Xian Zhu, vice president and chief operations officer of the bank said, “The NDB 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.”
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