OREANDA-NEWS. The BRICS New Development Bank (NDB) is preparing to expand its emergency program to help member countries fight the spread of coronavirus. A corresponding statement was made by the President of the NBR Kundapur Vaman Kamath at the fifth annual meeting of the Board of Governors of the bank on April 20, the press service of the financial institution said on Wednesday.

"Three days ago, the bank completely transferred an emergency loan to China in the amount of $ 1 billion. This week we will present to the Board of Directors an emergency loan of India for $ 1 billion. Currently, the bank is discussing the provision of a loan of $ 1 billion to each country from Brazil and South Africa", said the president of the NDB, adding that all three new loans "will follow the same path" as the loan provided to China.

According to Kamath, the bank is ready to do more for its member countries to help them overcome the crisis caused by the coronavirus. "The bank has the financial capabilities to provide anti-crisis assistance totaling $ 10 billion", he said.

In March of this year, the Board of Directors of the NDB approved the provision of 7 billion yuan (almost $ 1 billion) to China to fight against coronavirus. This is the bank’s first emergency response program in response to an outbreak of coronavirus in one of its member countries and the largest NDB loan to date.