AIIB approves USD500m to support India’s response to COVID-19

The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of USD500 million to support India’s efforts to prevent, detect and respond to the threat posed by COVID-19 by strengthening the preparedness of the country’s national health system.

The project is funded by AIIB’s COVID-19 Crisis Recovery Facility created to adapt to urgent financing needs of the Bank’s members impacted by the pandemic.

The India COVID-19 Emergency Response and Health Systems Preparedness Project, co-financed with the World Bank, will support India in addressing significant challenges posed to the public health system. 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.

“Building a resilient health system that can effectively treat COVID-19 patients and prevent its spread is the immediate priority. This funding will address this need and strengthen India’s capacity to effectively manage future disease outbreaks,” said AIIB Vice President, Investment Operations D.J. Pandian.

AIIB’s COVID-19 Crisis Recovery Facility, created as part of the coordinated international response to counter the COVID-19 crisis, has an initial size of USD5-USD10 billion to support AIIB members’ urgent economic, financial and public health pressures and quick recovery from the crisis. AIIB is currently reviewing projects from a number of members. Projects being proposed under the facility can be found here.

Original source: AIIB
Published on 08 May 2020