India: COVID-19 Active Response and Expenditure Support (CARES) (AIIB-000409)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Government of India
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 750.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 750.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 23, 2020


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

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. 

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
Contact Information

Hari Bhaskar

Senior Investment Operations Specialist, AIIB

hari.bhaskar@aiib.org

Navendu Karan

Senior Public Management Economist, ADB

nkaran@adb.org

 

Dr. Prasanna V Salian, Deputy Secretary
Department of Economic Affairs, Ministry of Finance

pv.salian@nic.in

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.