AIIB approves $750 million loan for India’s Covid-19 response

Asian Infrastructure Investment Bank (AIIB) has affirmed a USD 750 million (around Rs 5,714 crore) loan to India to enable the legislature to fortify its fight against the antagonistic effect of COVID-19 on poor and vulnerable households.

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AIIB’s total sovereign advances to India that have just been affirmed add up to USD 3.06 billion, including an ongoing USD 500 million COVID-19 emergency response. The current credit will be the second for India under AIIB’s COVID-19 Crisis Recovery Facility (CRF).

While AIIB doesn’t have a day by day instrument for strategy based financing, the Bank is extending such financing on an uncommon premise under the CRF to help its individuals through ventures cofinanced with the WorldBank or the Asian Development Bank.

Important takeaways for all competitive exams:

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

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