Business

Beijing-Based AIIB Okays $750M Budgetary Support To India For COVID-19 Response

By
OB Bureau

New Delhi: The Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) has sanctioned a $750 million ‘COVID-19 Active Response and Expenditure Support Programme’ to help India strengthen its response to the adverse impacts of the coronavirus pandemic on poor and vulnerable households.

This is the first budgetary support programme from the AIIB to India.

China is the biggest shareholder in AIIB, with 26.06% voting power, while India is second with a 7.62% voting power.

Interestingly, this development comes at a time when border tensions are simmering between India and China, with 20 Indian soldiers having been killed in a skirmish in Galwan valley, Ladakh, four days ago.

The agreement was signed by Additional Secretary, Department of Economic Affairs, Ministry of Finance, Sameer Kumar Khare on behalf of Government of India and Director General (Acting) AIIB, Rajat Misra.

The fund will provide the government with budget support to mitigate severe and adverse social and economic impact of COVID-19.

The AIIB had earlier released a $500 million loan to India under its COVID-19 crisis recovery facility for Emergency Response and Health Systems Preparedness Project.

The beneficiaries of the latest programme will be families below the poverty line, farmers, healthcare workers, women, women 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 AIIB and Asian Development Bank (ADB) to the tune of $2.25 billion, of which $750 million is being provided by AIIB and $1.5 billion by ADB.

OB Bureau

Recent Posts

New Artist To Play King Kansa Role During Dhanu Yatra In Odisha’s Bargarh

Bargarh: A new artist will be selected to play the mythological character King Kansa during…

November 22, 2024

Shah Rukh’s Daughter Suhana Khan Brutally Trolled For Vivo Ad [Watch]

Mumbai: Suhana Khan will be making her Bollywood debut with ‘King’ along with her superstar…

November 22, 2024

Badshah Comes Out In Support Of Diljit Dosanjh In Alcohol Controversy

New Delhi: After Diljit Dosanjh called out the double standards of Telangana government for banning…

November 22, 2024

World War 3 Has Begun, Says Ukraine’s Former Military Chief

New Delhi: Recent actions and counter-actions in the Russia-Ukraine conflict have pushed the world to the…

November 22, 2024

3 Arrested With Fake IPS Officers’ Uniforms, Identity Cards In Odisha’s Balangir

Balangir: Three persons were arrested and fake IPS officers’ uniforms along with fake identity cards…

November 22, 2024

‘I Want To Talk’: Twitterati Lauds Abhishek Bachchan, Say He Is Better Than Amitabh

Mumbai: Abhishek Bachchan’s highly-anticipated film ‘I Want To Talk’ released in theatres on Friday, and the…

November 22, 2024

Cash-For-Vote Row: BJP Leader’s Defamation Notice Against Rahul Gandhi, Kharge

New Delhi: Accused of giving cash to secure votes ahead of election day in Maharashtra,…

November 22, 2024

CM Mohan Majhi Attends ‘Odisha State Day’ Celebrations At IITF In Delhi

Bhubaneswar: Chief Minister Mohan Charan Majhi attended the ‘Odisha State Day Celebrations’ at the 43rd…

November 22, 2024