Money & Banking

Covid-19: Asian Infrastructure Investment Bank to offer loan of $500 million to aid efforts

Our Bureau Mumbai | Updated on May 08, 2020 Published on May 08, 2020

Beijing-backed Asian Infrastructure Investment Bank will offer a $500 million loan to aid India’s Covid-19 efforts. The financing will enable the Government of India to scale up efforts to limit the transmission of cases, strengthen the health system to expand its response capacity and enhance preparedness to manage future outbreaks, AIIB said in a statement. The project is funded by AIIB’s Covid-19 Crisis Recovery Facility created to adapt to urgent financing needs of the Bank’s members impacted by the pandemic.

It was created as part of the coordinated international response to counter the Covid-19 crisis, has an initial size of $5-10 billion to support AIIB members’ urgent economic, financial and public health pressures and quick recovery from the crisis, the company said.

“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,” said AIIB Vice President, Investment Operations D.J. Pandian.

The project also supports the purchase of medical equipment, enhanced disease detection capabilities and strengthened research. It is expected to address the needs of infected people, at-risk populations, medical and emergency personnel and service providers at medical and testing facilities as well as national and animal health agencies.

Another multilateral bankk. The Asian Development Bank (ADB) is putting together a $2.2 billion package to support India’s Covid-19

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Published on May 08, 2020
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