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AIIB to provide USD eight billion finance for health infra scheme

Monday, 03 Aug 2020
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The Asian Infrastructure Investment Bank (AIIB) is in discussion with the Indian government for financing USD eight billion scheme for improving health infrastructure at district level.

The multilateral funding agency had earlier approved financial assistance of USD 1.2 billion for India to fight the COVID-19 pandemic.

The Centre has discussed about its ambitious scheme of strengthening health infrastructure. It entails building health infrastructure in every district including upgrading of testing facilities with the Indian Council of Medical Research (ICMR).

The Union Ministry of Finance is trying to put up a financing plan for this ambitious scheme and minute details are being worked out. If things work out, the financing by AIIB can be cleared in 2020 itself on a fast-track basis.

With regard to COVID-19 assistance, AIIB has approved two loans of USD 500 million and USD 750 million respectively.

The first loan of USD 500 million sanctioned in May 2020 was towards building a resilient health system that can effectively treat the patients and prevent its spread.

A USD 750 million loan was approved in June 2020 to help the government strengthen its battle against the adverse impact of the pandemic on poor and vulnerable households.

As of 16 July 2020, AIIB has approved up to USD 19.6 billion for 87 projects in 24 economies. Since its inception in 2016, AIIB has approved loans to the tune of USD 4.3 billion across 17 projects in India.

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