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ADB Approved $1.5 billion Loan for GOI

Published on November 26, 2021
Current Context: The Asian Development Bank (ADB) has approved a loan amount for the Government of India (GOI) to purchase safe and effective vaccines against COVID-19.
ADB Approved $1.5 billion Loan for GOI
  • The loan of $1.5 billion (approx Rs 11,185 crore) was approved for the same.
  • Around 66.7 crore COVID-19 vaccine doses will be procured by the country with this amount of funds.
  • Around 31.7 crore people will be vaccinated against COVID-19 with the vaccines purchased by using the loan amount granted by ADB.
  • Also, the Asian Infrastructure Investment Bank is expected to co-finance an additional USD 500 million for the same to India.
  • Static Part: 
    • HQ of ADB: Mandaluyong, Philippines
    • President of ADB: Masatsugu Asakawa

Question: 

Q.1 For what purpose, ADB grant a loan of $1.5 billion to GOI in Nov 2021?
a. To grant safe drinking water facility in Kerala’s village areas
b. To develop roads in rural areas of Madhya Pradesh
c. To purchase vaccines against COVID-19
d. To perform research activities in Ayurveda
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