India and NDB inks $1,000 million agreement to support India’s economic recovery from COVID-19

India and NDB inks $1,000 million agreement to support India’s economic recovery from COVID-19

• The Government of India and the New Development Bank (NDB) have signed a loan agreement worth $1,000 million for ‘supporting India’s economic recovery from COVID-19’.
• Under the agreement, Shanghai-based NDB will lend financial support for:
  • expenditures on rural infrastructure related to natural resource management (NRM) works, which will facilitate economic activity and
  • rural employment generation under Government of India’s Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) to stimulate rural demand, to combat the decline in economic activity .
• The programme will support Indian Government in mitigating the adverse economic impact of COVID-19 pandemic and enable economic recovery in the rural areas