May 8, 2020 / 3:41 AM / a month ago

China-backed AIIB approves $500 million loan for India's COVID-19 response

BEIJING, May 8 (Reuters) - Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $500 million loan to India to help the country navigate the coronavirus pandemic.

The loan is intended to help India’s government strengthen its public health system, prepare for future outbreaks, and limit the transmission of cases, a statement from AIIB said. The project, which will be cofinanced by the World Bank, will also support medical equipment purchases and research.

The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sector entities deal with the pandemic. (Reporting by Gabriel Crossley Editing by Shri Navaratnam)

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