India applies for vaccine loans from ADB & AIIB

India applied for a $2 billion loan from Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) to purchase about 700 million Covid-19 vaccines.

Highlights

• India applied for the loan as it seeks to boost immunisation rate of eligible population here.
• This application was meant to leverage India’s membership of the multilateral financing institutions (ADB & AIIB).
• These financing institutions are expected to process India’s loan request soon.
• This loan amount will be used to purchase which will be used to purchase 667 million Covid-19 vaccines to immunize at least 317 million people across 19 states in India.
• ADB has agreed to provide $1.5 billion while AIIB will provide another $500 million.
• Government of India will put in around $58 million for the vaccine project.

Vaccine Project

Project will support the procurement of safe & effective vaccines against Covid-19. it implemented under Asia-Pacific Vaccine Access Facility, mechanism of ADB.