India has applied for thousands of crores in loans from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). It is being reported that this loan is being taken for the purchase of 667 million corona vaccine doses, despite the fact that the Centre has already earmarked funds for this purpose. The PM CARES fund started with the said purpose of ‘fighting coronavirus’ in India has already received thousands of crores in donations.

Nevertheless, the Union Government has applied for borrowing $1.5 billion from AIIB and $500 million from the ADB under the Asia-Pacific Vaccine Access Facility which has been set up to assist developing countries in acquiring the COVID vaccinations. This fund was created in December 2020.

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