On June 17, 2020 Asian Infrastructure Investment Bank(AIIB) approved a 2nd loan of USD 750 million to India under the bank’s USD 10 billion COVID-19 Crisis Recovery Facility(CRF); this loan is co-financed by the Asian Development Bank (ADB) to assist India to fight against COVID-19 & its impact on poor. The loan aims to strengthen India’s economic aid for businesses, expand social safety nets for the needy & the health care systems.
Key Points
- The 1st loan under this facility of USD 500 million, co-financed by the World Bank was approved on May 8.
- The COVID-19 CRF was set up with a USD 5 billion investment but now it was doubled to USD 10 billion
AIIB’s loan to India
i.Till now India has received USD 1.25 billion dollar under the COVID-19 CRF.
ii.The bank has approved a total USD 3.06 billion since it began operations in 2016.
AIIB’s loan to its other members
The member countries that received loans from AIIB under this facility are as follows: China received USD 355 million, Pakistan received USD 500 million, Bangladesh received USD 250 million and Indonesia and the Philippines received USD 750 million each.
About AIIB’s COVID-19 CRF
It was created as part of international response to the pandemic to support its members’ immediate economic, financial, and public health needs and quick recovery from the crisis
About AIIB:
Headquarters- Beijing, China
President– Jin Liqun
