AIIB clears $500-mn loan to support India’s fight against COVID-19
- The Asian Infrastructure Investment Bank (AIIB) has approved funding of $500 million to support India’s efforts to fight the COVID-19 pandemic.
- The government and the AIIB signed a COVID-19 Emergency Response and Health Systems Preparedness Project that would help strengthen India’s public health preparedness.
IMPLEMENTING AUTHORITY
- The National Health Mission (NHM),
- The National Centre for Disease Control (NCDC) and
- The Indian Council of Medical Research (ICMR).
IMPORTANT HIGHLIGHTS
- This is the first ever health sector support from AIIB.
- It will cover all States and Union Territories across India.
HOW IT WILL BE HELPFUL
- It will slow and limit as much as possible the spread of COVID-19 in India by providing immediate support to enhance disease detection capacities, oxygen delivery systems and medicines among others.
- It will address the needs of infected people, at-risk populations, medical and emergency personnel and service providers, medical and testing facilities, and national and animal health agencies.
- It will ease the stress on Indian Economy which has been falling since the Covid outbreak and subsequent lockdown.
ABOUT AIIB
- Multilateral development bank.
- It aims to support the building of infrastructure in the Indo-Pacific
- Brainchild of China
- HQ– Beijing, China
- President-Jin Liqun
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