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.
- 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
Headquarters- Beijing, China
President– Jin Liqun