GoI & AIIB sign an Agreement for $750 Million
The Government of India and the Asian Infrastructure Investment Bank (AIIB) here today signed a $750 million “COVID-19 Active Response and Expenditure Support Programme” to assist India to strengthen its response to the adverse impacts of the COVID-19 pandemic on poor and vulnerable households. This is the first ever budgetary support programme from the AIIB to India.
- The Programme will provide the Government of India with budget support to mitigate the severe adverse social and economic impact of COVID-19. The current loan will be the second to India from AIIB under its COVID-19 crisis recovery facility apart from the earlier approved $500 million loan for the COVID-19 Emergency Response and Health Systems Preparedness Project.
- The Primary Programme beneficiaries would be families below the poverty line, farmers, healthcare workers, women, women’s self-help groups, widows, people with disabilities, senior citizens, low wage earners, construction workers and other vulnerable groups.
- The project is being financed by the Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) in the amount of $2.250 billion, of which $750 million will be provided by AIIB and $1.5 billion will be provided by ADB. The project will be executed by the Department of Economic Affairs, Ministry of Finance, through various line ministries.
- The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia, began operations in January 2016. AIIB has now grown to 102 approved members worldwide.