India applies for vaccine loans from ADB & AIIB

India applied for a $2 billion loan from Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB) to purchase about 700 million Covid-19 vaccines.

Highlights

• India applied for the loan as it seeks to boost immunisation rate of eligible population here.
• This application was meant to leverage India’s membership of the multilateral financing institutions (ADB & AIIB).
• These financing institutions are expected to process India’s loan request soon.
• This loan amount will be used to purchase which will be used to purchase 667 million Covid-19 vaccines to immunize at least 317 million people across 19 states in India.
• ADB has agreed to provide $1.5 billion while AIIB will provide another $500 million.
• Government of India will put in around $58 million for the vaccine project.

Vaccine Project

Project will support the procurement of safe & effective vaccines against Covid-19. it implemented under Asia-Pacific Vaccine Access Facility, mechanism of ADB.

Asia Pacific Vaccine Access Facility (APVAX)

The Asia Pacific Vaccine Access Facility is worth $9 billion vaccine initiative by ADB. This initiative provides equitable support to its developing member countries in procurement of Covid-19 vaccines.

Asian Infrastructure Investment Bank (AIIB)

AIIB is a multilateral development bank, set up with the aim of improving economic and social outcomes in Asia. Bank comprises of 103 members, including 16 prospective members from the world. It started operating on December 25, 2015.

Asian Development Bank (ADB)

This regional development bank was established on December 19, 1966. Its headquarter is in Philippines. It also has 31 field offices across the world for promoting social & economic development in Asia.

Month: Current Affairs - October, 2021