India Seeks Vaccine Loans For Procurement Of Covid-19 Vaccines
The GoI (Government of India) has submitted applications for loans from AIIB (Asian Infrastructure Investment Bank) and ADB (Asian Development Bank) to secure 667 million doses of Covid-19 vaccines.
The AIIB centered in Beijing with India & China as the largest shareholders and the ADB centered in Manila with Japan & the U.S. as the largest shareholders are currently considering the application for the loan.
The AIIB is anticipated to provide $500 million and the ADB around $1.5 billion as loan for Covid-19 vaccine purchase by the GoI, which has been formed under the APVAX (Asia Pacific Vaccine Access Facility) initiative of the ADB.
Established in the month of December last year, APVAX provides equitable and rapid support to its developing member nations since they acquire & distribute safe & effective Covid-19 vaccines.
On, the other hand, the 667 million Covid-19 vaccine doses have to be authorized by the WHO (World Health Organization). Covishield is one such vaccine, however, Covaxin is yet to be approved and is expecting WHO approval with a final evaluation planned on November 3rd, 2021.
Based on the ADB, eligible criteria for financing a vaccine is thatit should be procured through the worldwide vaccine access initiative known as COVAX, pre-approved by WHO, or qualified by SRA (Stringent Regulatory Authority), which as per WHO doesn’t comprise health authorities of India.
The AIIB headquartered in Beijing will partly finance the procurement of the Covid-19 vaccine. The bank stated that this week, numerous loans were being appraised for initiatives in India, including the application for the Chennai Metro rail system’s subsequent phase. During the first week of October, a $356.7 million loan had already been qualified by the AIIB to the GoI for the development of a new corridor for phase II of Chennai Metro.
To date, the AIIB has sanctioned loans for 28 Indian projects with a total amount of $6.7 billion, more than any other multilateral bank member, which was initiated in Beijing in the year 2015. India is the 2nd biggest shareholder following China in the bank, which doesn’t include Japan and the U.S. among its members.
India Seeks Vaccine Loans, 667 Million Doses Of Covid-19 Vaccine, Loan For Covid-19 Vaccine Purchase