By Ritu Singh Jun 17, 2020 9:51:57 AM IST (Published)
This is the second loan approved by AIIB for India under the COVID-19 Crisis Recovery Facility (CRF).
The Asian Infrastructure Investment Bank (AIIB) today approved a $750 million loan to India to assist the government with its COVID-19 response. This is the second loan approved by AIIB for India under the COVID-19 Crisis Recovery Facility (CRF).
AIIB recently doubled its initial COVID-19 CRF to $10 billion in April. The CRF was created as part of the coordinated international response to counter the pandemic, "to support AIIB members’ urgent economic, financial, and public health needs and quick recovery from the crisis", the bank said.
The loan from AIIB is co-financed with the Asian Development Bank. "The budgetary support will go toward bolstering economic aid for businesses, including for the informal sector, expanding social safety nets for the needy, and strengthening the country’s health care systems," AIIB said in its release.