- World Bank has approved USD 1 billion Aid to India for accelerating "India’s COVID-19 Special Protection Response Programme". This Aid will be funded in two phases - USD 75 million for the 2020 year and USD 250 million for the 2021 year.
- Highlights,
- The first phase of the operation will be implemented countrywide through the Pradhan Mantri Garib Kalyan Yojana.
- It will immediately help scale-up cash transfers and food benefits, using a core set of pre-existing national platforms and programs such as the Public Distribution System and Direct Benefit Transfers and provide robust social protection for essential workers involved in COVID-19 relief efforts.
- It will also benefit vulnerable groups, particularly migrants and informal workers, who face high risks of exclusion under the Pradhan Mantri Garib Kalyan Yojana.
- Besides, in the second phase, the program will deepen the social protection package, whereby additional cash and in-kind benefits based on local needs will be given. The fund will be extended through State Governments and portable social protection delivery systems.
- World Bank,
- The World Bank is an international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects. It was formed in July 1944. Its headquarter is in Washington (D.C), US.
- At Present, the President of the World Bank is David Malpass. MD & CFO of the World Bank is Anshula Kant. And, the Chief Economist of the World Bank is Penny Goldberg.
Published On : 18 May 2020
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