Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Tuesday it had approved its first emergency assistance loan of 2.485 billion ...
FILE PHOTO: The headquarters of Asian Infrastructure Investment Bank is seen under construction in Beijing, China May 5, 2019. REUTERS/StringerBEIJING: Beijing-backed Asian Infrastructure Investment Bank said on Tuesday it had approved its first emergency assistance loan of 2.485 billion yuan 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.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.
Beijing and Chongqing have"particularly acute" financial needs in addressing health challenges as a result of their large populations, the statement said.
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