AIIB Approves $750 million loan to India for COVID-19 response

Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved USD 750 million as a loan to India to help government to strengthen its response to the effect of the coronavirus pandemic on millions of poor households.
AIIB is co-financing the loan with the Asian Development Bank (ADB).
This is the second loan for India under AIIB’s Covid-19 Crisis Recovery Facility (CRF).
Earlier, the bank had provided USD 500 million COVID-19 emergency response to India.
With this, AIIB’s total sovereign loans to India that have already been approved amount to USD 3.06 billion.
AIIB does not have a regular instrument for policy-based financing. It is extending such financing on an exceptional basis under the CRF to support its members through projects co-financed with the World Bank or the Asian Development Bank.