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COVID-19 Emergency Program Loan for Supporting Russia’s Healthcare Response

Russia Russia
Area Of Operation
COVID-19 Emergency Assistance COVID-19 Emergency Assistance

Quick Facts

Financing Approval Date
25 March, 2021
Current Limit of NDB Financing
Up to USD 1 billion equivalent
The Russian Federation
Project Entity
Ministry of Finance of the Russian Federation

More About This Project

With lockdown and social distancing measures in Russia gradually loosened in Q3 2020, the number of COVID-19 cases rapidly increased towards the end of 2020, putting stress on the national healthcare system dictating the need of bringing back social distancing measures. Although the number of new COVID-19 cases steadily declined in early 2021 due to strengthened COVID-19 response measures implemented, this has a toll on the country’s economy, which the Government of the Russia Federation (GoRF) is counter-balancing via a nationwide action plan, which includes, among others, supporting frontline health workers. In order to implement its planned interventions, GoRF has requested a loan from the New Development Bank (NDB) to finance its healthcare response to the COVID-19 pandemic (Program). This Program represents part of a larger governmental plan to fight COVID-19.

The objective of the Program is to support the GoRF in its efforts to combat the COVID-19 pandemic. The Program aims to address one of the most critical needs in Russia’s healthcare response to the COVID-19 pandemic through providing support to frontline health workers

The Program envisages supporting the country’s healthcare sector and is mainly focused on payments to frontline health workers, including doctors, nurses and medical staff, who provide medical care for the diagnosis and treatment of COVID-19 infections.

The Program implementation arrangements rely on existing budgetary mechanisms established in Russia.

The Program has been categorized Category “C” in line with the NDB Environment and Social Framework. The Program bring positive socioeconomic impacts through providing additional cash benefits to healthcare personnel directly engaged in response to the pandemic.

The total loan amount for supporting emergency economic recovery response through supporting the country’s healthcare sector is up to USD 1 billion equivalent.
Source of Fund Amount (USD billion)
NDB Borrower and Project Entity
Eurasia Regional Centre

Maria Smirnova

Department of Sovereign Debt and Assets
Ministry of Finance of the Russian Federation

Denis Mamonov