Asian Infrastructure Investment Bank Approves US$750 Million Loan For India

By Shakir Husain NEW DELHI, June 17 (Bernama) -- The Asian Infrastructure Investment Bank (AIIB) will provide India a US$750 million loan to help the country fight the coronavirus pandemic's impact on poor and vulnerable households. Many low- and middle-income countries are still in the early stages of the health crisis and this poses an enormous risk for millions across India who have only recently emerged from poverty, the AIIB said in a statement on Wednesday. "Our support to India also aims to ensure economic resilience to prevent long-term damage to the productive capacity, including human capital, of India’s economy," the Beijing-based bank's vice president for investment operations D.J. Pandian said. It is the second loan for India under the AIIB's COVID-19 Crisis Recovery Facility (CRF), which was created to support AIIB members' quick recovery from the pandemic, the AIIB said. The bank's existing total sovereign loans to India amount to US$3.06 billion, including a US$500 million COVID-19 emergency response in May. -- BERNAMA