HYDERABAD: The Asian Development Bank (ADB) on Monday has tripled the size of its Covid-19 response package for its member nations to $20 billion. Interestingly, besides governments, ADB’s funding will also be extended to the private sector to meet their financing needs. The move comes days after the multilateral funding agency extended a $2.2 billion support to India to fight against the pandemic. The proposed $20 billion package includes about $2.5 billion in concessional and grant resources, but it’s unclear how much additional funding India will stand to benefit.
Last month, ADB announced $6.5 billion funding as its initial response on March 18, followed by $13.5 billion in resources to help its developing member countries counter the severe macroeconomic and health impacts caused by Covid-19. Besides it also approved measures to streamline its operations for quicker and more flexible delivery of assistance.
“This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction, and throw economies into recession,” said ADB President Masatsugu Asakawa. He added that the package will be delivered quickly, flexibly, and forcefully to the governments and the private sector in developing member countries to help them address the urgent challenges in tackling the pandemic and economic downturn. Last week, Asakawa commended the Indian government’s response including a national health emergency program, among other relief measures. Asakawa noted that ADB is committed to supporting India’s emergency needs.