China-backed AIIB approves $750 million loan for India's COVID-19 response

FILE PHOTO: The headquarters of Asian Infrastructure Investment Bank (AIIB) is seen under construction in Beijing, China May 5, 2019. REUTERS/Stringer/File photo

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.

Reporting by Gabriel Crossley; Editing by Clarence Fernandez