• Thursday, July 25, 2024

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World Bank signs $1 billion loan to bolster India’s health sector

The funding will be utilised to support the Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission

World Bank Signs a $1 Billion Programme to Support India’s Health Sector – Image Credit: Twitter @WorldBankIndia

By: easterneye.biz Staff

The Government of India and the World Bank signed an agreement today (05) to provide complementary loans worth $500 million each, totalling $1 billion, to bolster the development of India’s health sector.

The funding will be utilised to support the Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), India’s flagship programme launched in October 2021, to improve the country’s public healthcare infrastructure.

The loans will prioritise health service delivery in seven states, namely Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh, in addition to national-level interventions.

Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signed the agreement on behalf of the Government of India, while Auguste Tano Kouamé, Country Director, India, World Bank, signed on behalf of the World Bank.

“The COVID-19 pandemic brought to the fore the urgent need for pandemic preparedness and health system strengthening around the world and was a stark reminder that pandemic preparedness is a global public good,” said Auguste Tano Kouame.

“The two Projects are supporting India’s decision to increase the resilience and preparedness of the country’s health systems against future pandemics. This will be of great benefit for the populations of the states participating in the projects and will generate positive spillovers for other states,” Kouame added.

Over time, India has witnessed a marked improvement in its health outcomes. As per World Bank projections, India’s life expectancy has risen from 58 in 1990 to 69.8 in 2020, surpassing the average life expectancy of countries at similar income levels.

With inputs from ANI

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