ADB approves USD 1.5 billion loan to India for purchasing Covid vaccines

The loan from ADB will fund at least 66.7 crore Covid vaccine doses for an estimated 31.7 crore people

ADB approves USD 1.5 billion loan to India for purchasing Covid vaccines

Photo for representation purposes.

New Delhi, November 25

The Asian Development Bank has approved a USD 1.5 billion (around Rs 11,185 crore) loan to India for Covid vaccine procurement.

"ADB today approved a USD 1.5 billion loan to help the Government of India purchase safe and effective vaccines against the coronavirus disease (Covid)," the ADB said in a release on Thursday.

The Asian Infrastructure Investment Bank (AIIB) is expected to co-finance an additional USD 500 million for the project, it said.

Beijing-based AIIB is a multilateral development bank focused on developing Asia. It has members from all over the world.

The loan from ADB will fund at least 66.7 crore Covid vaccine doses for an estimated 31.7 crore people, it added.

It will support India's National Deployment and Vaccination Plan which aims to fully vaccinate 94.47 crore people aged 18 years and above, accounting for 68.9 per cent of the population, said the Manila-headquartered agency.

Priority groups include health care and frontline workers, senior citizens, and those aged 45–59 years with comorbidities.

"ADB's support will help the government protect its citizens from further transmission of this disease and save lives," said ADB President Masatsugu Asakawa. PTI

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