AIIB clears $750-mn loan to India for COVID-19

‘Millions just out of poverty at risk’

June 17, 2020 10:36 pm | Updated 10:42 pm IST - AHMEDABAD

Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved a $750-million loan to India to help strengthen its response to the adverse impacts of the COVID-19 pandemic on millions of poor and vulnerable households.

“Many of the world’s low and middle-income countries are still in the early stages of the health crisis but are already feeling the impact of the pandemic.

“This poses an enormous risk for millions across India who have only recently emerged from poverty,” said AIIB Vice President, Investment Operations, D.J. Pandian, who is a former Chief Secretary of Gujarat and was nominated by the NDA government to the AIIB.

Co-financed by the Asian Development Bank, the budgetary support will go towards bolstering economic aid for businesses, including for the informal sector, expanding social safety nets for the needy, and strengthening the country’s healthcare systems, the AIIB said in a statement.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.