Government, AIIB sign 750 million US dollar 'COVID-19 Active Response and Expenditure Support Programme'

Union Government and the Asian Infrastructure Investment Bank (AIIB) on Friday signed a 750 million US dollar 'COVID-19 Active Response and Expenditure Support Programme" to assist India to strengthen its response to the adverse impacts of the COVID-19 pandemic on poor and vulnerable households.

Ministry of Finance in a statement said that this is the first-ever budgetary support programme from the AIIB to India. The agreement was signed by Additional Secretary in the Finance Ministry Sameer Kumar Khare and Director General (Acting), Rajat Misra on behalf of the AIIB.

The Programme will provide the Government with budget support to mitigate the severe adverse social and economic impact of COVID-19. The current loan will be the second to India from AIIB under its COVID-19 crisis recovery facility apart from the earlier approved 500 million dollar loan for the COVID-19 Emergency Response and Health Systems Preparedness Project. The Primary Programme beneficiaries would be families below the poverty line, farmers, healthcare workers, women, women's self-help groups, widows, people with disabilities, senior citizens, low wage earners, construction workers and other vulnerable groups.

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia, began operations in January 2016. AIIB has now grown to 102 approved members worldwide.