AIIB reviews India’s $500 million fund request amid coronavirus pandemic

Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) is currently reviewing India’s USD500-million fund request. This fund will be used by India to strengthen its healthcare systems.

India is looking at purchasing equipment and detection capacity and strengthening its national health system. Recently, the World Bank had approved USD 1 billion emergency funding for India to help it tackle the coronavirus pandemic.

Other than India, AIIB is currently reviewing projects from several of its members, many in collaboration with other multilateral development banks, AIIB said its statement.

AIIB has received a request from Turkey for a USD500-million credit line for two of its development banks to help alleviate working capital shortages and liquidity constraints as a result of the pandemic. Indonesia has requested USD250 million to strengthen hospital readiness, enhance pandemic preparedness and strengthen testing.

Meanwhile, on April 3, AIIB’s Board of Directors had approved a USD355-million emergency health project for China.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal