India to receive EUR 460 million loan as part of Indo-German development cooperation
New Delhi/IBNS: The Federal Republic of Germany along with the World Bank is helping India to build a social protection system catering to the needs of the urban poor and vulnerable poor, such as the migrant workers, in the wake of the COVID-19 pandemic, the New Delhi based embassy said in a recent release.
As an emergency support measure, a fast disbursing loan of EUR 460 Million (Rs 3,893 crores) has been committed to support India's move towards a systematic social protection scheme, the release said.
Some of the key areas for which the loan is intended are development of systems and processes which will allow coordinated action across ministries and states, achieve a balance between social assistance and social insurance programmes, allow for portability of ' in kind benefits' which could improve outreach to vulnerable groups, capacity building through digitalisation at state levels and streamlining of efforts and help existing central, state and local government programmes achieve targeted delivery, need based flexibility and rapid response
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