Beijing (Reuters): Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a loan of $ 750 million to help India battle the impact of the coronavirus pandemic on vulnerable households, the bank said on Wednesday.

The project, co-financed by the Asian Development Bank, aims to strengthen economic aid for businesses, expand social safety nets and bolster healthcare.

In May, AIIB approved a $ 500 million loan to assist India’s emergency response to the pandemic. Both loans are part of a $ 10 billion funding facility the AIIB has announced to help public and private sectors fight the outbreak.

China-backed AIIB approves $ 750 m loan for India’s COVID-19 response