AIIB approves 500 million USD for India
On May 8, 2020, the AIIB (Asian Infrastructure Investment Bank) upheld 500 million USD to COVID-19 to India. The budgets intended to scale up the containment undertakings and enhance the health system. This will assist to manage future outbreaks.
The program is being implemented in three phases. The main motives of the package contain emergency reaction judgment to limit COVID-19 infection, centralised procurement of medical equipment and drugs, arranging of laboratories, enhancing national and state health systems, supervision activities. The budgets are to be utilized for Emergency Response and Health Systems Preparedness Project. The funds will also be used to finance research that Is being conducted in alliance with the Indian Council of Medical Research (ICMR). It will also concentrate on neighbourhood engagement and risk communication strategies.
The AIIB had also upheld 335 million USD to China as a basis of its emergency health project. The AIIB had doubled its COVID-19 Crisis Recovery Facility to 10 billion USD. Earlier, the bank kept allocated 5 billion USD. It doubled its funds in order to make sure funds are accessible to all its members in fulfilling financial needs and address public health pressures. It will also assist in a quick comeback from the crisis. In April 2020, the Indian Government announced that Rs 15,000 crores would be distributed to contain the spread of the virus. The funds were to be utilised under the Emergency Response and Health Systems Preparedness Project.