NDB's $10bn loan benefits 400mn people in 5 Covid-hit nations, including India
By siliconindia | Wednesday, November 8, 2023
New Development Bank's (NDB) $10 billion loan benefitted 400 million people in its founding member countries of Brazil, Russia, India, China, and South Africa and successfully helped them in its COVID-19 economic recovery programs. An evaluation by the Shanghai-based New Development Bank (NDB) estimates that through this financing, the member countries were able to provide much-needed support, including life cover of $67,400 to 2.2 million health workers, $4.17 billion in income support to 206.5 million women, ex-gratia payments of $13.5 each to 28.1 million senior citizens, widows, and individuals with disabilities, $26.9 each in advanced funds to 95 million farmers, and deliver 142 million gas cylinders to 75.6 million people.
the India-focused COVID-19 Response Programmes generated 5.4 billion person-days of employment, with 52 percent going to women, and ensured 100 percent of district hospital doctors and nurses were trained to meet WHO standards, with 61 percent being women.“The COVID-19 pandemic was one of those rare global crises that demanded a response from almost every institution having a stake in human well-being or global development. It challenged both the member countries and NDB regarding magnitude, dynamics, and complexity. However, the NDB demonstrated exceptional agility and speed in its response, prioritizing the immediate needs of its member countries”, said Anil Kishora, Vice-President and Chief Risk Officer of NDB
The pandemic triggered substantial economic challenges, trade volume contractions, and a surge in global unemployment, posing a unique set of difficulties for nations worldwide. The NDB's response was characterized by implementing the Policy on Fast-Track Emergency Response to COVID-19 and the subsequent COVID-19 Emergency Programme loans aimed at alleviating the pandemic's impact. Speaking about the evaluation and its learning, Ashwani Muthoo, Director General of the IEO at the NDB, “The evaluation accounted for the exceptional challenges posed by the pandemic and the absence of well-established benchmarks. When one comprehensively considers all aspects, it becomes evident that the NDB's COVID-19 Response Programme played an instrumental role in the triumph of the individual country programs”. Pursuing its commitment to strengthening evaluation capacities across all member countries, the NDB also focused on measures to enhance evaluation practices and methodologies that need to be tailored to the local context for promoting improved accountability and learning.
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