BRICS' New Development Bank provides USD 1 billion loan to India to fight COVID-19
Beijing: The New Development Bank of the BRICS countries has fully disbursed USD one billion emergency assistance loan to India to help it contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus pandemic.
The Shanghai-based New Development Bank (NDB) was established by the BRICS (Brazil, Russia, India, China, South Africa) countries in 2014 and is headed by veteran Indian banker K V Kamath.
The purpose of the bank is to mobilise resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
The 'Emergency Assistance Program Loan' to India was approved by the NDB Board of Directors on April 30, and it is aimed at supporting the Indian government to contain the spread of COVID-19 and reduce human, social and economic losses caused by the coronavirus outbreak.
"The NDB is fully committed to supporting its member countries in the time of calamity. Emergency Assistance Program Loan to India was approved in quick response to the urgent request and immediate financing needs of the Government of India in fighting COVID-19," Xian Zhu, Vice President and Chief Operations Officer of the bank said in a statement issued on Tuesday.
The programme's scope of financing includes Healthcare Sector Emergency Response and Strengthening Social Safety Net for expenditures already incurred since January 1, 2020, and the expected public expenditures for onward transmission containment and social safety net associated with COVID-19 up to the March of 2021, it said.
It envisages, preventing, detecting, and responding to the threat posed by COVID-19, funding critical healthcare expenditure that will enhance healthcare capacity in India and strengthen national health systems preparedness and providing immediate economic assistance to the vulnerable and affected groups, thus facilitating economic and social recovery.
In its Statement on Response to COVID-19 outbreak, the NDB Board of Governors welcomed the establishment of an Emergency Assistance Facility to meet the emergency needs of the member countries of the bank.
Emergency loans to the NDB member countries could be used to finance direct expenses related to the fight against COVID-19 outbreak and provide support to governmental measures contributing to economic recovery, it said.
Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.
The death toll due to COVID-19 rose to 2,415 and the number of cases climbed to 74,281 in India on Wednesday, according to the Union Health Ministry.
Globally, the number of cases linked to the disease has crossed 42.61 lakh and the death toll has topped 2.91 lakh.
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Another North Goa nightclub sealed; Kejriwal says corruption led to fire tragedy
Panaji (PTI): As part of a crackdown against tourist establishments violating laws and safety norms in the aftermath of the Arpora fire tragedy, Goa authorities on Saturday sealed a renowned club at Vagator and revoked the fire department NOC of another club.
Cafe CO2 Goa, located on a cliff overlooking the Arabian Sea at Vagator beach in North Goa, was sealed. The move came two days after Goya Club, also in Vagator, was shut down for alleged violations of rules.
Elsewhere, campaigning for local body polls, AAP leader Arvind Kejriwal said the fire incident at Birch by Romeo Lane nightclub at Arpora, which claimed 25 lives on December 6, happened because the BJP government in the state was corrupt.
An inspection of Cafe CO2 Goa by a state government-appointed team revealed that the establishment, with a seating capacity of 250, did not possess a no-objection certificate (NOC) of the Fire and Emergency Services Department. The club, which sits atop Ozrant Cliff, also did not have structural stability, the team found.
The Fire and Emergency Services on Saturday also revoked the NOC issued to Diaz Pool Club and Bar at Anjuna as the fire extinguishers installed in the establishment were found to be inadequate, said divisional fire officer Shripad Gawas.
A notice was issued to Nitin Wadhwa, the partner of the club, he said in the order.
Campaigning at Chimbel village near Panaji in support of his party's Zilla Panchayat election candidate, Aam Aadmi Party leader Kejriwal said the nightclub fire at Arpora happened because of the "corruption of the Pramod Sawant-led state government."
"Why this fire incident happened? I read in the newspapers that the nightclub had no occupancy certificate, no building licence, no excise licence, no construction licence or trade licence. The entire club was illegal but still it was going on," he said.
"How could it go on? Couldn't Pramod Sawant or anyone else see it? I was told that hafta (bribe) was being paid," the former Delhi chief minister said.
A person can not work without bribing officials in the coastal state, Kejriwal said, alleging that officers, MLAs and even ministers are accepting bribes.
