Asian Development Bank approves $1.5 billion loan for India to fight COVID-19

New Delhi: The Asian Development Bank (ADB) on Tuesday said it has approved USD 1.5 billion loan to India to help fund its fight against coronavirus pandemic.

The loan has been sanctioned with a view to support immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections.

It is fully committed to supporting the Indian government in its response to this unprecedented challenge, said ADB President Masatsugu Asakawa.

"The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners.

"We are determined to support India's COVID-19 response programs and ensure that they provide effective support to the people of India, especially the poor and vulnerable," Asakawa said in a statement.