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China-Backed AIIB Approves $750 Million Loan For India's COVID-19 Response

AIIB approved a $500 million loan to assist India's emergency response to the pandemic.

Photo Credit :

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Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a loan of $750 million to help India battle the impact of the coronavirus pandemic on vulnerable households, the bank said on Wednesday.

The project, co-financed by the Asian Development Bank, aims to strengthen economic aid for businesses, expand social safety nets and bolster healthcare.

In May, AIIB approved a $500 million loan to assist India's emergency response to the pandemic. Both loans are part of a $10 billion funding facility the AIIB has announced to help public and private sectors fight the outbreak.

(Reuters)