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.