Of the $ 2 billion loan, the Manila-based ADB is expected to fund $ 1.5 billion and the AIIB plans to provide $ 500 million, AIIB Vice President DJ Pandian said on Tuesday.
“The AfDB has agreed to finance $ 1.5 billion and the AIIB will supplement with an additional $ 500 million,” Pandian said.
The loan is under review by the AIIB board, he said, adding that India applied for it three months ago. About 667 million doses of COVID-19 vaccines are expected to be purchased with the loan, according to the Bank.
He said the vaccines will be procured by the Indian government through a competitive process and that the AfDB will administer the procurement system and implement it through the APVAX mechanism, or Asia-Pacific Vaccine Access Facility, of the AfDB.
India, which produces Covishield and Covaxin, recently took an inoculation milestone by administering 100 crore doses of the Covid-19 vaccine to its citizens against the deadly virus. India is also planning to resume vaccine exports and supply the vaccines to a number of countries.
Besides being the second largest shareholder, India became its biggest beneficiary by getting $ 6.7 billion for 28 projects, he told media here as the bank held its 2021 annual general meeting by video link.