According to AIIB website, the objective of the Program is to provide the Government of India with budget support to mitigate the severe adverse social and economic impacts caused by the COVID-19 pandemic. This is under the COVID-19 Crisis Recovery Facility (the Facility) of the Bank and co-financed with the Asian Development Bank (ADB) as a policy-based loan under ADB’s Countercyclical Support Facility COVID-19 Pandemic Response Option (CPRO). This program will provide critically needed support to help the Government of India mitigate the severe health, social, and economic impacts caused by the COVID-19 pandemic.
Senior Investment Operations Specialist, AIIB
Senior Public Management Economist, ADB
Dr. Prasanna V Salian, Deputy Secretary
Department of Economic Affairs, Ministry of Finance
ACCOUNTABILITY MECHANISM OF AIIB
In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.