India, AIIB sign agreement for USD 500 million COVID-19 support for India

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News:Government of India and the Asian Infrastructure Investment Bank(AIIB) signed an agreement for a $500 million “COVID-19 Emergency Response and Health Systems Preparedness Project”.

Facts:

  • The project is co-financed by the World Bank.
  • Aim: To help India prevent, detect and respond to the COVID-19 pandemic and strengthen its public health preparedness.

Additional Facts:

  • Crisis Recovery Facility: It was set up by AIIB to provide financing to both public and private sector entities within its members facing serious adverse impacts as a result of Coronavirus pandemic.
  • AIIB:It is an international financial institution formed in 2016 with the aim to provide finance to infrastructure projects in the Asia-Pacific region.It is headquartered in Beijing,China and has 102 member countries.