AIIB sanctions $750 mn loan to India for Coronavirus response
AIIB’s total sovereign loans to India now amount to $3.06 billion
Asian Infrastructure Investment Bank (AIIB) has cleared USD 750 million loan to India to help the government strengthen its response to the effect of the Coronavirus pandemic.
The loan will be the second for India under AIIB’s COVID-19 Crisis Recovery Facility (CRF).
AIIB’s total sovereign loans to India now amount to $3.06 billion, including a recent USD 500 million COVID-19 emergency response.
The multilateral funding agency and the Asian Development Bank (ADB) are co-financing loans that will help India in bolstering economic aid for businesses, including the informal sector, expanding social safety nets for the needy, and strengthening the country’s health care systems.