New Delhi: The Government of India has applied for a $2 billion loan to buy the coronavirus vaccine (COVID-19). The loan has been applied to China's Infrastructure Investment Bank (AIIB) and Asian development bank (ADB). The loan process is currently underway.
AIIB Vice President D.J. Pandian reported that the $2 billion loans are being assisted by manila-based Asian Development Bank (ADB) $1.5 billion and Infrastructure Investment Bank (AIIB) $500 million. Pandian says India applied for this loan 3 months ago. This amount will purchase 667 million doses of COVID-19. He says the vaccine will be procured by the Government of India through a competitive process and ADB will monitor the purchase under APVAX.
AIIB has also given US$ 1.75 billion to Support India in several projects, as well as COVID-19 relief budget assistance. Pandian says India is the second-largest shareholder in AIIB after China. The bank has so far approved 147 projects worth USD 28.9 billion. With this, India has emerged as the largest beneficiary of 28 projects to receive USD 6.7 billion.