Asian Infrastructure Investment Bank will give Loans to India

China-backed Asian Infrastructure Investment Bank (AIIB) has sanctioned a loan of $ 75 million (about Rs 5720 crore) for India to help tackle the Corona crisis.
Image Credit:New Indian Express
Image Credit:New Indian Express

The project is co-financed by the Asian Development Bank (ADB). AIIB said in a statement that "the project aims to increase financial support for businessmen, expand social security for the needy and expand the country's healthcare system".

Image Credit: DNA India
Image Credit: DNA India

Significantly, in the month of May also AIIB had approved a loan of 500 million dollars for India. AIIB has announced that it will fund up to $ 10 billion to the public and private sector to combat the corona virus infection. AIIB has given a total loan of $ 3.6 billion to India so far.

What did AIIB say ?

DJ Pandian, Vice President of AIIB said, "Many low or middle income countries of the world are still in the early stages of dealing with this crisis and they are beginning to feel the impact of this epidemic." He said that with this help it will be ensured that India can carry out such economic activities so that long-term damage to productive capacity does not happen.

Image Credit:Business Line
Image Credit:Business Line

AIIB usually does not offer such loans, but is taking extraordinary steps to help its member countries deal with Corona in co-financing with the World Bank or ADB.

What does the bank do?

Significantly, the Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank aimed at supporting the development of infrastructure in the Asia-Pacific region. The bank currently has 78 members.

Image Credit:South China Morning Post
Image Credit:South China Morning Post

The bank headquartered is in Beijing, China and was founded in 2015. China is mainly behind the establishment of this bank and he proposed to form it. It is believed that this bank has been set up to finance China's Belt and Road Initiative.

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