New Delhi: world Bank On Wednesday it said it has approved a $500 million (about Rs 3,717.28 crore) loan program to support India’s informal working class to overcome the current pandemic crisis.
Will create more flexibility for states to deal with debt ongoing pandemicfuture climate and disaster shocks, the World Bank said in a statement.
Of the $500 million commitment, $112.50 million will be financed by the International Development Association, its concessional lending arm, and $387.50 million will be a loan from the International Bank for Reconstruction and Development (IBRD).
The loan has a maturity period of 18.5 years which includes a grace period of five years.
The World Bank said its total funding since the start of the pandemic is $1.65 billion (about Rs 12,264.54 crore) towards strengthening India’s social security programs to help poor and vulnerable families.
The World Bank said the first two actions approved last year provided immediate emergency relief cash transfers to approximately 320 million individual bank accounts already identified through existing national social security schemes and additional assistance to approximately 800 million (80 crore) individuals. Food ration provided.
States can now receive flexible funding from the Disaster Response Fund to design and implement appropriate social security responses. The money will be used for the Social Security program urban informal workers, gig-workers and migrants said.
“In a context where countries are increasingly coping with economic, pandemic and climate shocks, investing in social security aims to build the resilience of economies and communities to survive. This is a broad objective of social security programs supported by the world. Banks in India,” said Junaid Ahmed, Country Director of the World Bank in India.
A National Digital Urban Mission will create a shared digital infrastructure for people living in urban areas through investments at the municipal level to enhance the urban safety net and social insurance for informal workers. It will also include gender-segregated information about female workers and households with female heads.
This will allow policy makers to bridge gender-based service delivery gaps and effectively reach out especially to widows, adolescent girls and tribal women.
Street vendors are an integral part of India’s urban informal economy. The program will provide street vendors access to affordable working capital loans up to Rs 10,000.
The World Bank said that urban local bodies (ULBs) will identify them through an IT-based platform.
It said that about 50 lakh urban street vendors could benefit from the new credit programme.
Kaiser Khan said, “The operation will enhance the ability of states to use resources based on local risk assessments and expand social safety nets for less urban informal workers, while laying the groundwork for a more climate-responsive social security system.” Will prepare.” The economist for this operation is Shreya Bhattacharya, senior social security economist and task team leader of the World Bank.
Will create more flexibility for states to deal with debt ongoing pandemicfuture climate and disaster shocks, the World Bank said in a statement.
Of the $500 million commitment, $112.50 million will be financed by the International Development Association, its concessional lending arm, and $387.50 million will be a loan from the International Bank for Reconstruction and Development (IBRD).
The loan has a maturity period of 18.5 years which includes a grace period of five years.
The World Bank said its total funding since the start of the pandemic is $1.65 billion (about Rs 12,264.54 crore) towards strengthening India’s social security programs to help poor and vulnerable families.
The World Bank said the first two actions approved last year provided immediate emergency relief cash transfers to approximately 320 million individual bank accounts already identified through existing national social security schemes and additional assistance to approximately 800 million (80 crore) individuals. Food ration provided.
States can now receive flexible funding from the Disaster Response Fund to design and implement appropriate social security responses. The money will be used for the Social Security program urban informal workers, gig-workers and migrants said.
“In a context where countries are increasingly coping with economic, pandemic and climate shocks, investing in social security aims to build the resilience of economies and communities to survive. This is a broad objective of social security programs supported by the world. Banks in India,” said Junaid Ahmed, Country Director of the World Bank in India.
A National Digital Urban Mission will create a shared digital infrastructure for people living in urban areas through investments at the municipal level to enhance the urban safety net and social insurance for informal workers. It will also include gender-segregated information about female workers and households with female heads.
This will allow policy makers to bridge gender-based service delivery gaps and effectively reach out especially to widows, adolescent girls and tribal women.
Street vendors are an integral part of India’s urban informal economy. The program will provide street vendors access to affordable working capital loans up to Rs 10,000.
The World Bank said that urban local bodies (ULBs) will identify them through an IT-based platform.
It said that about 50 lakh urban street vendors could benefit from the new credit programme.
Kaiser Khan said, “The operation will enhance the ability of states to use resources based on local risk assessments and expand social safety nets for less urban informal workers, while laying the groundwork for a more climate-responsive social security system.” Will prepare.” The economist for this operation is Shreya Bhattacharya, senior social security economist and task team leader of the World Bank.
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