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Health, Coronavırus

China-backed AIIB approves $750 million loan for Philippines' COVID-19 response

China-backed AIIB approves $750 million loan for Philippines' COVID-19 response

5/29/2020 8:29:00 AM

China-backed AIIB approves $750 million loan for Philippines ' COVID-19 response

Beijing-backed Asian Infrastructure Investment Bank ( AIIB ) said on Friday it had approved a $750 million loan to the Philippines to help the country cope with the coronavirus pandemic.

Over one million small enterprises will also benefit from wage subsidies as part of the project, it said.The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sector entities deal with the pandemic.Reporting by Gabriel Crossley; Editing by Raju Gopalakrishnan

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