The Asian Infrastructure Investment Bank (AIIB) is still in consideration regarding the decision to finance a USD 8-billion scheme for improving health infrastructure in India on a district level to prepare the country for the future healthcare difficulties.
“The multinational is still reviewing the scheme, it requires developing health infrastructure in every district. It will further see the advancement of testing facilities with the Indian Council of Medical Research (ICMR),” AIIB Vice President D J Pandian told PTI in an interview.
The multilateral funding agency headquartered in Beijing had earlier green-lighted financial assistance of USD 1.2 billion to India to face the COVID-19 pandemic.
World Bank and Asian Development Bank are involved in the discussion with the Health Department of the Government of India. The Finance Ministry is in the process to put up a plan for this hopeful scheme and the minute details are being straightened out. If things go out smoothly the funding by the AIIB can be cleared this year itself on a fast-track basis.
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With regard to COVID-19 aid, Pandian said the AIIB has accepted two loans of USD 500 million and USD 750 million so far, respectively. The first loan of USD 500 million allocated in May for the purpose of developing an adaptable healthcare system that efficiently treats COVID-19 patients and prevents its spread. A USD 750 million loan was shown the green light in June to assist the government in getting a stronghold in its battle against the adverse impacts of COVID-19 in poor and vulnerable households.
India as a member of the AIIB
The AIIB is a multinational development bank with an aim to enhance social and economic output in Asia. They began functioning in 2016 and have now wholly instituted to 103 approved members worldwide. AIIB created a Crisis Recovery Facility to support its members and clients in lessening and reducing economic and financial health pressures arising from COVID-19.
India is a founding member of AIIB with the highest recipient of investments by the bank. Currently, India has a 7.65 per cent vote share in the organisation while China holds a whopping 26.63 per cent stake in the organisation that was set up in 2016.
Source: The Indianwire
