China-backed AIIB approves $500 million loan for India’s Covid-19 response

The loan is intended to help India’s government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said.

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $500 million loan to India to help the country navigate the coronavirus pandemic.

The Beijing-backed bank has approved a $500 million mark. (AIIB)

The loan is intended to help India’s government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said. The project, which will be cofinanced by the World Bank, will also support medical equipment purchases and research.

The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sector entities deal with the pandemic.