The bank has come up with the 'Countercyclical Support Facility' (CSF) aimed at helping developing nations in their effort to ramp up their fiscal spending.
"Eligible countries can now apply for access to the funds. India, as an ordinary capital resources (OCR) designated country, is eligible to apply for access to the $3 billion CSF," an ADB spokesperson told PTI in an e-mailed statement.
The amount for each country from the facility would be capped at $500 million. The programme would provide short-term, fast-disbursing loans.
On Tuesday, the bank had said the facility would "support Developing Member Countries aiming to ramp up fiscal spending to counter the crisis, but who lack the financial means to do so amid tight global credit conditions and a sharp increase in funding costs".
The loans under the new facility would have a lower cost than charged for loans disbursed during the East Asian crisis. The loans could be repaid in eight years.
