The Asian Development Bank has approved $1.5 billion loan to India to help fund its fight against the pandemic.

The loan has been sanctioned with a view to support immediate priorities such as disease containment and prevention, the Manila based bank said in a statement.

'The quick-disbursing fund is part of a larger package of support that ADB will provide in close coordination with the government and other development partners. We are determined to support India's COVID-19 response programs and ensure that they provide effective support to the people of India, especially the poor and vulnerable,' Asakawa said in a statement.

Meanwhile, the finance ministry said the loan agreement has been signed.

The signatories to the loan agreement were Sameer Kumar Khare, Additional Secretary in the Department of Economic Affairs and Kenichi Yokoyama, Country Director, ADB, in India.