Which of the following international organization has approved loans of $1.75 billion (around Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost economic growth?

Solution

The World Bank has approved loans totalling $1.75 billion (around Rs 13,834.54 crore) to fund India's PM Ayushman Bharat scheme and private investment to boost economic growth. Of the total loan, $1 billion will go towards the health sector, while the rest $750 million will be in the form of development policy loan (DPL) to fill the financing gaps through private sector investment in the economy. For Health Sector: The World Bank Board of Executive Directors approved two complementary loans of $500 million each to support and enhance India’s health sector. Under health, two loans-- Public Health Systems for Pandemic Preparedness Programme (PHSPP) and Enhanced Health Service Delivery Programme (EHSDP) -- are designed to be complementary and transformational in impact. Through this combined financing of $1 billion, the World Bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, to improve the public healthcare infrastructure across the country. For Private Investment: World Bank board approved the DPL to the union government to support reforms critical to addressing financing gaps by leveraging private sector investment in infrastructure, small businesses, and the green finance markets. Of the $750 million commitment, $667 million will be a loan from the International Bank for Reconstruction and Development and $83 million will be financed by a credit from the International Development Association (IDA), the World Bank's concessionary lending arm. World Bank Headquarters: Washington, D.C., US President: R. Malpass