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adb aiib will give $2 billion loan to india for the purchase of kovid vaccines

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adb aiib will give $2 billion loan to india for the purchase of kovid vaccines

Beijing, Oct 27 (PTI) The Asian Development Bank (ADB) along with China-based Asian Infrastructure Investment Bank (IIB) is in the process of extending a $2 billion loan to India for the purchase of COVID-19 vaccines.

AIIB vice-president DJ Pandian said on Tuesday that Manila-based ADB will provide $1.5 billion of the total debt of $2 billion. While AIIB is looking at providing $500 million.

“ADB has agreed to finance $1.5 billion and AIIB will provide $500 million in loans,” he said.

Pandian said the AIIB board is looking at the loan. India had applied for the loan three months back. According to the bank, 667 crore doses of Kovid-19 vaccine are likely to be purchased from this loan.

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