Daily Current Affairs for UPSC Civil Services Exam – 18 June 2020

Daily Current Affairs for UPSC Civil Services Exam – 18 June 2020

In Today’s News:

  1. AIIB approves a $ 750 million loan to India for COVID-19.

1. AIIB approves a $ 750 million loan to India for COVID-19

News Summary

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

AIIB:
  • 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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