BRICS bank grants more than $ 1 billion Covid-19 assistance loan to China

The New BRICS Development Bank (NDB) on Tuesday approved an additional 7 billion yuan (about $ 1.08 billion) in emergency aid loan to support China’s economic recovery after the COVID-19 pandemic .

This is the second emergency loan for the same amount approved by the NDB to help China fight the pandemic. The previous 7 billion yuan loan was approved and paid in 2020.

The Shanghai-based bank also fully disbursed a $ 1 billion loan to India under an emergency aid program last year, to help the government contain the COVID outbreak. 19 and reduce human, social and economic losses.

The latest loan to China will support the restoration of production activities, stabilize employment and promote sustainable economic development, according to a statement from the bank.

India took over the rotating presidency of the BRICS (Brazil, Russia, India, China and South Africa) this year and is expected to host the annual five-member bloc summit.

In April 2020, the bank set up a mechanism to offer emergency assistance program loans to its member countries, helping them fight the pandemic. It has so far approved seven anti-virus-related emergency loans, totaling around $ 7 billion.

NDB is a multilateral development bank founded in 2014 by BRICS member countries to support infrastructure and sustainable development projects in BRICS countries and other emerging economies. It officially opened on July 21, 2015 in the eastern Chinese metropolis, Shanghai.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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