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Agreement for $500 million COVID-19 support signed by AIIB and India

Agreement for $500 million COVID-19 support signed by AIIB and India

The Asian Infrastructure Investment Bank (AIIB) and the Indian Government has signed a $500 million “COVID-19 Emergency Response and Health Systems Preparedness Project” on 8 May 2020 to assist India in responding to the pandemic and provide strength to the public health system.

Key Points:

  • The bank has provided the health sector support to India for the first time. The assistance will cover all the States and UTs throughout the country and will resolve the issues of the people infected by the virus, populations at risk, medical and testing facilities, medical and emergency personnel and service providers and national and animal health agencies.
  • The agreement was signed by the Additional Secretary of the Department of Economic Affairs of the Ministry of Finance, Shri Sameer Kumar Khare, on behalf of the Indian Government and Acting Director-General, Mr. Rajat Misra on behalf of the AIIB.
  • The project will allow the Indian Government to contain and slow the spread of COVID-19 across the nation by assisting in increased detection capacities of the disease by increasing the procurement of PPE, medicines, and oxygen delivery systems, building health systems to provide core health facilities, prevention, and patient management functions to manage COVID-19 and future disease outbreaks.
  • The financiers of the $1.5 billion project are the AIIB and World Bank, of which $1.0 billion by World Bank and $500 million by AIIB.
  • The implementation of the project will be done by the Indian Council of Medical Research (ICMR) under the Ministry of Health and Family Welfare, the National Health Mission (NHM) and the National Center for Disease Control (NCDC)

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