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AIIB grants $500 million Loan to India to Combat COVID-19

Published on May 09, 2020
Current Context: An agreement between the Government of India and the Asian Infrastructure Investment Bank (AIIB) has been signed for the approval of a loan of $500 million for the "COVID-19 Emergency Response and Health Systems Preparedness Project".
AIIB grants $500 million Loan to India to Combat COVID-19
  • The loan amount will help India to combat the COVID-19 pandemic situation and strengthen its public health.
  • The loan amount will be helpful to all States and Union Territories (UT) of India and will address the needs of infected people,at-risk populations, medical and emergency personnel and service providers, medical and testing facilities, and national and animal health agencies.
  • The loan will help in scaling up procurement of PPE, oxygen delivery systems, and medicines, which is required in large quantities in this pandemic situation.
  • The project will support research on COVID-19 by Indian and other global institutions working in collaboration with the Indian Council of Medical Research.

Static Part: 

  • HQ of AIIB: Beijing, China
  • President of AIIB: JinLiquin

Question:

Q.1 Which organization recently approved the loan of $500 million loans to India to combat COVID-19under "COVID-19 Emergency Response and Health Systems Preparedness Project"?
a. European Central Bank
b. Asian Infrastructure Investment Bank
c. International Monetary Fund
d. World Health Organization
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