TIL Desk/Business/Beijing/ The New Development Bank of the BRICS countries has fully disbursed USD one billion emergency assistance loan to India to help it contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus pandemic. The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
The ‘Emergency Assistance Program Loan’ to India was approved by the NDB Board of Directors on April 30, and it is aimed at supporting the Indian government to contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus outbreak.
