AIIB to lend USD 500 mn to India to help fight COVID-19 pandemic

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.