AIIB to finance 500 million USD projects to strengthen National Health Care Systems
The Asian Infrastructure Investment Bank is to finance 500 million USD projects in India to help the country improve its health care systems. AIIB is currently doubling its funds under COVID-19 Crisis Recovery Facility.
The funding is to be used for purchase of equipment and also for detection capacity. India had earlier approached AIIB and the Asian Development Bank for financial assistance to combat COVID-19. The Asian Development Bank recently announced to support India with 2.2 billion USD of funds.
Crisis Recovery Facility
The Crisis Recovery Facility was created by AIIB to respond to urgent financial, public and economic health pressures. The Bank has allocated 10 billion USD for this facility.
The facility is an international response to combat COVID-19 that came up at the Extraordinary G20 Leader Summit, 2020.
The facility will help countries in the following
- The help reduce health care pressures in pandemic preparedness and health infrastructure.
- To provide liquidity support.
- To support fiscal and budgetary support.
Category: International Current Affairs