China based leading Asian Bank The Asian Infrastructure Investment Banks (AIIB) has announced a loan of $500 million to support Indias efforts to prevent, detect and respond to the threat posed by COVID-19 by strengthening the preparedness of the countrys national health system.
- The India COVID-19 Emergency Response and Health Systems Preparedness Project, co -financed with the World Bank,
- The project is funded by AIIBs COVID-19 Crisis Recovery Facility created to adapt to urgent financing needs of the Banks members impacted by the pandemic.
- The financing will enable the Government of India to scale up efforts to limit the transmission of cases, strengthen the health system to expand its response capacity and enhance preparedness to manage future outbreaks.
- The project also supports the purchase of medical equipment, enhanced disease detection capabilities and strengthened research.
- It is expected to address the needs of infected people, at-risk populations, medical and emergency personnel and service providers at medical and testing facilities as well as national and animal health agencies.
- In April 2020, In response to Chinas emergency financing needs for public health infrastructure to manage the spread of COVID-19, the Asian Infrastructure Investment Banks (AIIB) Board of Directors has approved a sovereign-backed loan of approximately $355 million as an adaptive way of upgrading the countrys sustainable public health infrastructure and providing emergency equipment and supplies.
- In March 2020: The Asian Infrastructure Investment Banks (AIIB) Board of Directors has approved a $60-million loan to increase Omans renewable power generation capacity and reduce the countrys dependence on gas and other fossil fuels for electricity generation. This is AIIBs first nonsovereign-backed financing in the countrys renewable energy sector.
The Asian Infrastructure Investment Bank (AIIB), headquartered in Beijing, China, is a development bank that finances infrastructure projects in Asia. The bank has about 93 approved members worldwide. AIIB is investing in sustainable infrastructure and other productive sectors in Asia and beyond.