![AIIB to lend USD 500 mn to India to help fight COVID-19 pandemic](https://www.gkseries.com/blog/wp-content/uploads/2020/06/AIIB-to-lend-USD-500-mn-to-India-to-help-fight-COVID-19-pandemic.jpg)
Asian Infrastructure Investment Bank (AIIB) has announced that it is to finance $500 million projects in India to help the country improve its health care systems. With this, AIIB has doubled its funds under the COVID-19 Crisis Recovery Facility.
Highlights:
♦ The aim of the move is to help reduce health care pressures in pandemic preparedness and health infrastructure in India. It will also provide liquidity, fiscal and budgetary support.
♦ The funding is to be used for the purchase of equipment and for detection capacity.
♦ The move comes as India approaches AIIB for financial assistance to combat COVID-19.