AIIB approved USD 500 mn loan to support India

The Asian Infrastructure Investment Bank (AIIB) has approved a loan of USD 500 million to support India’s efforts to fight the COVID-19 pandemic.

Daily Current Affairs Quiz 2020

Key-Points

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.