Coronavirus: Asian Infrastructure Investment Bank Approves $500 Million Loan For India’s Covid-19 Response

The Beijing based Asian Infrastructure Investment Bank (AIIB) said on Friday (8 May) that it has approved a $500 million loan to India to support its Covid-19 operations, reports Economic Times.

The loan, co-financed by World Bank, is intended to help India strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases It will also support medical equipment purchases and research.

“Building a resilient health system that can effectively treat COVID-19 patients and prevent its spread is the immediate priority. This funding will address this need and strengthen India’s capacity to effectively manage future disease outbreaks,” AIIB vice president of investment operations was quoted as saying as per report.

Notably, the loan is part of a $10 billion funding facility the AIIB has announced to help its members for urgent economic, financial and public health pressures and quick recovery from the crisis.

Thanking the AIIB for its support, Sameer Kumar Khare, additional secretary in the department of economic affairs said, “AIIB’s assistance will help the Government in strengthening pandemic research and multi-sector, national institutions and Platforms for One Health, community engagement and risk communication; and implementation management, capacity building, monitoring and evaluation of the COVID-19 response program.”