World bank approves 1 Billion USD to India

In order to accelerate India’s COVID-19 Special Protection Response Programme, the World bank has approved 1billion USD aid to India. The fund provided by the world bank will be used to provide social assistance to poor, and severely impacted vulnerable household.

International development Association’s contribution is said to be 550 million and 220 million is by the International bank of Reconstruction and Development out of the 1 billion USD aid.

The maturity amount of the loan will be 18.5 years with grace period of 5 years. The the funding of the world bank the total has been increased to 2 billion USD. Previously on 1st April the world bank announced 1 billion USD support to aid the health sector of India.

The fund is to help India in three main sectors namely health, social protection and Micro, small and medium enterprises.