"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 U.S. dollars loan for the COVID-19 Emergency Response and Health Systems Preparedness Project," the ministry said.
The project is being financed by the AIIB and Asian Development Bank (ADB) in the amount of 2.250 billion U.S. dollars, of which 750 million U.S. dollars will be provided by the AIIB and 1.5 billion U.S. dollars will be provided by the ADB.
"AIIB's support to India aims to ensure economic resilience to prevent long-term damage to the productive capacity, including human capital, of India's economy," D J Pandian, AIIB vice-president (investment operations) said.
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