AIIB approves 500 million USD for India

On May 8, 2020, the AIIB (Asian Infrastructure Investment Bank) approved 500 million USD to COVID-19 to India. The funds were aimed to scale up the containment efforts and strengthen the health system. This will help manage future outbreaks.

Highlights

The funds are to be used for Emergency Response and Health Systems Preparedness Project. The Project consists of 6 components.

The funds will also be used to support research that are being conducted in collaboration with Indian Council of Medical Research (ICMR). It will also focus on community engagement and risk communication strategies.

The AIIB had also approved 335 million USD to China as a part of its emergency health project.

AIIB

The AIIB had doubled its COVID-19 Crisis Recovery Facility to 10 billion USD. Earlier, the bank had allocated 5 billion USD. It doubled its funds in order to make sure funds are available to all its members in fulfilling economic needs and address public health pressures. It will also help in quick recovery from the crisis.

Emergency Response and Health Systems Preparedness Project

In April 2020, the Indian Government announced that Rs 15,000 crores would be allocated to contain the spread of the virus. The funds were to be utilised under Emergency Response and Health Systems Preparedness Project.

The project is being implemented in three phases. The main objectives of the package include emergency response to limit COVID-19 infection, centralised procurement of medical equipment and drugs, setting up of laboratories, strengthening national and state health systems, surveillance activities. Also, the Pradhan Mantri Garib Kalyan Yojana was launched.

Month: Current Affairs - May, 2020