COVID-19 Active Response and Expenditure Support Programme

Context

  • Recently the Government of India and the Asian Infrastructure Investment Bank (AIIB) has signed a $750 million agreement for “COVID-19 Active Response and Expenditure Support Programme”.

About AIIB

  • a multilateral development bank with a mission to improve social and economic outcomes in Asia, began operations in January 2016.
  • AIIB has now grown to 102 approved members worldwide.
  • AIIB is a brainchild of China.
  • The prime aim of the AIIB is infrastructure development.
  • By establishing interconnectivity across Asia through advancement in the construction of infrastructure and other productive services, the AIIB can stimulate growth and economic development in the Asian Region.
  • Headquarter-Beijing, China