AIIB Approves Additional $ 750 Million Loan to Boost India’s Response to Covid

The Asian Infrastructure Investment Bank (AIIB) has approved an additional loan of $ 750 million to bolster India’s response to Covid-19, according to a statement released Wednesday.

Co-financed by the Asian Development Bank (ADB), the loan will be used to strengthen economic assistance to businesses, including the informal sector, to extend social safety nets for the needy and to strengthen the country’s health systems, according to the report. the press release.

The latest support came after the AIIB on May 8 approved a $ 500 million package co-funded by the World Bank under its COVID-19 Crisis Recovery Facility (CRF) in India, bringing full support the country’s infrastructure bank to $ 1.25 billion under the CRF.

It also brought the total support India has received from the Beijing-based bank to $ 3.06 billion since it began operations in 2016.

“Many low- and middle-income countries around the world are still in the early stages of the health crisis but are already feeling the impacts of the pandemic. This poses a huge risk to millions of people across India who have only recently emerged from poverty, ”said DJ Pandian, vice president of investment operations at AIIB, adding:“ Our support for India also aims to ensure economic resilience to avoid long-term damage to the productive capacity, including human capital, of the Indian economy.

The multilateral lender initially set up its Covid-19 CRF, with an investment of $ 5 billion which was later doubled to $ 10 billion, to make funds available to its members for economic, financial and urgent public health concerns and a rapid resumption of the crisis.

In total, the AIIB has approved $ 4.05 billion for its members under this facility, including $ 355 million for China, $ 500 million for Pakistan, $ 250 million for Bangladesh and $ 750 million for Bangladesh. million dollars for Indonesia and the Philippines each.

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