ADB - CARES Program

WHY IN NEWS?

The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan agreement for the COVID-19 Active Response and Expenditure Support Programme (CARES Programme) of ADB.

ABOUT COVID-19 ACTIVE RESPONSE AND EXPENDITURE SUPPORT (CARES) PROGRAMME

• The CARES Programme is provided as the first support to meet the immediate requirements of the government.
• The Program will contribute directly to the improvement of access to health facilities and care as well as social protection.
• ADB is a regional development bank established in 1966. It is headquartered in Manila, Philippines.
• Japan holds the largest proportion of shares in ADB followed by the USA.
• ADB aims to achieve prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.