Categories: International

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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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.