The Asian Infrastructure Investment Bank (AIIB) in China is now finalizing a $2 billion loan for India to acquire COVID-19 vaccinations with the Asian Development Bank (ADB). According to AIIB Vice President D.J. Pandian, the Manila-based ADB is slated to fund $1.5 billion of the $2 billion loans, while the AIIB is considering offering $500 million. Mr. Pandian stated, “The ADB has agreed to fund $1.5 billion, and the AIIB would augment with another $500 million.”
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He said the AIIB board is considering the loan, and India sought it three months ago. According to the Bank, the loan would be used to purchase around 667 million doses of COVID-19 vaccinations. He said that the vaccinations would be obtained through a competitive procedure by the Indian government. The ADB manages the process and implements it through the ADB’s APVAX (Asia-Pacific Vaccine Access Facility) mechanism.
India, which manufactures Covishield and Covaxin, has achieved an immunization milestone by giving its population 100 crore Covid-19 vaccine shots. In addition, India intends to recommence vaccine exports and offer vaccines to several nations. Apart from supporting different infrastructure projects in India, the AIIB has also given India $1.75 billion in relief budget support for COVID-19.
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He informed the reporters that, besides being the bank’s second-largest shareholder, India has emerged as its greatest beneficiary, receiving $6.7 billion for 28 projects, as the bank convened its 2021 annual general body meeting via video connection.
