AIIB approves $500 million loan for India’s Covid-19 response

Asian Infrastructure Investment Bank (AIIB) has approved a loan worth of $500 million for India’s ‘COVID-19 Emergency Response. The assistance will help India to scale up efforts to restrict the transmission of instances, strengthen the public health system to broaden its response capability and to improve preparedness to handle future outbreaks.

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Apart from this, it will also support medical equipment purchases and research in collaboration with the Indian Council of Medical Research (ICMR), community engagement and risk communication strategies.

Earlier on April 17,2020 the AIIB had enlarged its initial COVID-19 Crisis Recovery Facility to $10 billion from $5 billion that made funds available to its members for emergency economic, financial and public health pressures and quick recovery from the crisis.

Important takeaways for all competitive exams:

  • Headquarters of AIIB: Beijing, China.
  • Membership of AIIB: 78 Members.
  • President of AIIB: Jin Liqun.

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