Beijing-backed AIIB approves emergency loan to China to help with coronavirus response
BEIJING: Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Tuesday it had approved ..
BEIJING: Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Tuesday it had approved its first emergency assistance loan of 2.485 billion yuan (US$352 million) to China in order to help in the fight against the COVID-19 pandemic.
The money will fund the provision of emergency supplies and improvements to public health infrastructure in Beijing, where AIIB is headquartered, and Chongqing, a megacity in southwestern China, the bank said in a statement.
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The AIIB announced last week it was proposing to its board a US$5 billion financing facility to help public and private sector entities navigate the coronavirus pandemic.
