World Bank approves $1 billion aid to India as social security fund for covid-19 pandemic

World Bank approves $1 billion aid to India as social security fund for covid-19 pandemic.

World Bank on Friday announced $1 billion social protection package for India linked to Govt of India programmes. The package was announced in the wake of the rising coronavirus cases across the country. As of now total commitment of the World Bank for India’s COVID-19 is $2 billion. A $1 billion support was announced last month towards immediate support to India’s health sector.

It will be funded in 2 phases as an immediate allocation of $750 million for the fiscal year 2020 and a $250 million that will be made available for the year 2021.