SPIRIT OF MUMBAI

Beijing, China —The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of USD 500 million to support India’s efforts to prevent, detect and respond to the threat posed by COVID-19 by strengthening the preparedness of the country’s national health system. The project is funded by AIIB’s  COVID-19 Crisis Recovery Facility  created to adapt to urgent financing needs of the Bank’s members impacted by the pandemic. The  India COVID-19 Emergency Response and Health Systems Preparedness Project , co-financed with the  World Bank , will support India in addressing significant challenges posed to the public health system. The financing will enable the Government of India to scale up efforts to limit the transmission of cases, strengthen the health system to expand its response capacity and enhance preparedness to manage future outbreaks. The project also supports the purchase of medical equipment, enhanced disease detection capabilities...

Beijing, China —The Asian Infrastructure Investment Bank (AIIB) is doubling available funds under its COVID-19 Crisis Recovery Facility to provide USD5-10 billion due to high client demand. This follows   AIIB’s announcement to make USD5 billion available  to help public and private sector clients manage through the COVID-19 pandemic. Requests for funding have substantially exceeded the USD5 billion originally allocated for emergency relief. Based on client feedback, immediate assistance is required in three key areas: (1) to help alleviate health care pressures in the form of health infrastructure and pandemic preparedness; (2) liquidity support through on-lending facilities and credit lines via financial institutions to address working capital and liquidity shortages and (3) immediate fiscal and budgetary support, in partnership with other multilateral development banks, so governments can focus on addressing the human and financial impacts of COVID-19. “We are fac...

  Asian Development Bank (ADB) President Mr. Takehiko Nakao and   Asian Infrastructure Investment Bank   (AIIB) President   Mr. Jin Liqun   met today in ADB’s headquarters and discussed a range of strategic and operational issues. Mr. Nakao and Mr. Jin signed the Co financing Framework Agreement For Sovereign Operations that will guide overall co financing arrangements between the two institutions going forward, including regular meetings to discuss co financing matters. So far, ADB and AIIB have co financed 5 projects, comprising 4 sovereign loans in Bangladesh, Georgia, India, and Pakistan, and one collaborative transaction in Myanmar through ADB’s Private Sector Operations Department. Further co financing for sovereign and non sovereign projects is being actively pursued. ADB and AIIB signed the Memorandum of Understanding for Strengthening Cooperation in May 2016. ADB has shared with AIIB its experiences and practices regarding environmenta...