In Today’s News:
- AIIB approves a $ 750 million loan to India for COVID-19.
1. AIIB approves a $ 750 million loan to India for COVID-19
Asian Infrastructure and Investment Bank has approved a loan of $750 million to India to help in enhancing its response to COVID-19. This fund will be very useful to tackle the adverse impacts of COVID-19 on millions of poor and vulnerable households. This will boost the economic aid for business and will strengthen the country’s healthcare systems.
Prelims GS – International Relations
- Asian Infrastructure and Investment Bank is a multilateral development bank.
- It has a mission to improve social and economic outcomes in Asia.
- Headquarters: Beijing, China
- It began its operations in 2016.
- AIIB currently has 102 members approved worldwide.
- It has members outside Asia also. (2019- UPSC Prelims Question)
- AIIB can lend to any member of AIIB. It can lend to members even beyond Asia if that project provides a benefit to the region.
- China is the biggest shareholder in AIIB followed by India. (2019 – UPSC Prelims Question)
For more information on AIIB, visit the official website.
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