Asian Infrastructure Investment Bank to Provide $355 Million Emergency Loan to China for Public Healthcare Support

31

The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved an emergency loan for China to help develop its public health infrastructure in response to the COVID-19 outbreak.

The AIIB Board of Directors has just given its approval to a sovereign-backed emergency-assitance loan of 2.485 billion yuan (approximately USD$355 million) for China to upgrade the country’s public health infrastructure, as well as fund emergency equipment and supplies.

The funds will be directed specifically at improving public health emergency response capacity in the mega-cities of Beijing and Chongqing, including upgrades to their Centres for Disease Control and Prevention, and an increase supplies for public health workers working on the frontline of containment efforts.

The loan is the first form of emergency assistance credit extended by AIIB.

“AIIB’s response underscores the importance of building resilient public health infrastructures and maintaining robust systems for members to effectively mitigate risks to their populations associated with outbreaks of communicable disease,” said AIIB Vice President, Investment Operations, Konstantin Limitovskiy.

Chi­nese Pres­i­dent Xi Jin­ping of­fi­cially launched the AIIB dur­ing a state visit to In­done­sia in Oc­to­ber 2013, as a mul­ti­lat­eral de­vel­op­ment bank that would serve as an al­ter­na­tive to OECD-dom­i­nated in­sti­tu­tions such as the Asian De­vel­op­ment Bank, the IMF and the World Bank. 

The Ar­ti­cles of Agree­ment of the AIIB were signed on 29 June 2015 in Bei­jing by 57 prospec­tive found­ing mem­bers. 

Related stories

Chi­na’s Pol­icy Banks Ac­count for 77% of Re­source-backed Lend­ing to Latin Amer­ica and Africa

Chi­na’s Pol­icy Banks Is­sue USD$2.29 Bil­lion in Anti-coro­n­avirus Bonds

Asian In­fra­struc­ture In­vest­ment Bank Mem­ber­ship Ex­pands to 100, Lend­ing Hits $8.5 Bil­lion in To­tal

In­dia Emerges as Biggest Bor­rower from Bei­jing’s Asian In­fra­struc­ture In­vest­ment Bank

LEAVE A REPLY

Please enter your comment!
Please enter your name here