STOCK MARKET BSE NSE

BRICS Bank grants over USD 1 billion COVID-19 assistance loan to China

This is the second emergency loan for the same amount approved by the NDB to help China fight the pandemic.

Published: 02nd March 2021 10:11 PM  |   Last Updated: 02nd March 2021 10:11 PM   |  A+A-

China Flag

China's national flag (Representational Photo | AP)

By PTI

BEIJING: The BRICS New Development Bank (NDB) on Tuesday approved another 7 billion yuan (about USD 1.08 billion) of emergency assistance loan to support China's economic recovery from the COVID-19 pandemic.

This is the second emergency loan for the same amount approved by the NDB to help China fight the pandemic.

The previous 7 billion-yuan loan was endorsed and paid in 2020. The Shanghai-based bank had also fully disbursed USD 1 billion loan to India under emergency assistance programme last year, to support the government in containing the COVID-19 outbreak and reduce human, social and economic losses.

The latest loan to China will support the restoration of production activities, stabilise employment, promote sustainable economic development, a statement from the bank said.

India this year has taken over as the rotating chair of the BRICS (Brazil, Russia, India, China, and South Africa) and is set to hold the annual summit of the five-member bloc.

In April 2020, the bank set up a mechanism to offer emergency assistance program loans to its member countries, assisting them in combating the pandemic.

It has so far approved seven anti-virus-related emergency loans, totalling about USD 7 billion.

The NDB is a multilateral development bank founded in 2014 by BRICS member countries to support infrastructure and sustainable development projects in the BRICS countries and other emerging economies. It formally opened on July 21, 2015 in the eastern Chinese metropolis, Shanghai.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp