The BRICS bank (New Development Bank) has approved of $1 billion emergency assistance loan to India to help the country in its fight against Coronavirus. The BRICS which is made up of 5 different nations which include Brazil, Russia, India, China and South Africa. The bank is headed by an Indian banker named K. V. Kamath.
The aim of the loan is to help India not just with the fight against Covid19 but to also reduce economic, social and human losses which the global paddle has caused.
The major aim of the bank is to gather up resources for infrastructure and sustainable development projects in all nations that are a member of BRICS. On April 30, the ‘Emergency Assistance Program Loan’ was approved by the NDB Board of Directors and given to India.
The vice president and chief operations officer of the NDB bank Xian Zhu said “The NDB is fully committed to supporting its member countries in the time of calamity. The loan to India was approved in quick response to the urgent request for fighting Covid-19”.
The NDB is a Shanghai-based organization. The scope of the program’s financing includes an Emergency response, healthcare sector, strengthening the social safety net for already incurred expenditures since January 1, 2020. In India, the death toll has risen to 2,415 deaths with about 7,281 infected cases.
India’s prime minister Narendra Modi announced on Tuesday that massive new financial incentives for the previously announced packages for a combined stimulus of Rs 20 lakh crore. The Board of Governors of the NDB welcomed the establishment of the program which is able to meet the emergency assistance of all member nations of the BRICS.