AIIB approves $250m loan to fight Covid-19 impact

Updated 23 Jul 2020

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Loan is part of the AIIB’s $10 billion funding facility to help public and private sectors fight the outbreak.— AFP/File
Loan is part of the AIIB’s $10 billion funding facility to help public and private sectors fight the outbreak.— AFP/File

BEIJING: The Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Wednesday it would lend $250 million to Pakistan to help the country deal with the effects of Covid-19 pandemic.

The project will be co-financed by the World Bank and will bolster a Pakistan government programme to strengthen health infrastructure, social safety nets, investment in human capital and economic growth, the AIIB said in a statement.

The AIIB previously approved a loan of $500 million for Pakistan’s response to Covid-19.

Both loans are part of the AIIB’s $10 billion funding facility to help public and private sectors fight the outbreak.

Published in Dawn, July 23rd, 2020