India & World Bank Join Hands to Protect Poor from Covid Impact
Published On Dec 17, 2020 12:00 AM By Yamini Sharma
The Government of India has recently signed a $400 million project with the World Bank to provide aid to the poor & the vulnerable suffering from the wrath of coronavirus. This pact is the second initiative in a programmatic series of two. In the first operation in May 2020, $750 million were approved. Now, $400 million have been credited by the International Development Association (IDA), a World Bank member.
Dr. CS Mohapatra signed the agreement on behalf of the Government of India. On the behalf of the World Bank, it was Sumila Gulyani, acting Country Director, India who signed the $400 million project.
The programme is believed to enhance the capability of state as well as national governments in India of providing proper, coordinated social protection to the poor and vulnerable section that has massively suffered due to the COVID-19 pandemic.
Dr. Mohapatra said, “The coronavirus crisis has surfaced the risks that migrants and urban poor face on a regular basis. The need for governments to become prepared for future disasters like the coronavirus has also emerged.”
The $400 million project is said to further add value to India's social protection systems by providing the utmost help to the vulnerable groups in urban and peri-urban sections across the country.
According to the Finance Ministry, the government's lead to promote pre-existing programmes for emergency relief was followed in the first operation by the World Bank. This is the second project that will contribute to India's safety net programmes expansion for creating a portable social protection platform. This platform will make sure the poor population, urban migrants, and unorganised sector workers across state boundaries have food as well as monetary assistance.
The Asian Development Bank (ADB), Kreditanstalt Fur Wiederaufbau (KfW) and Agence Francaise de Developpement (AFD) collaborated to develop the programme.
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Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.