China-backed AIIB approves $750-M loan for Philippines' pandemic response

Reuters

Posted at May 29 2020 11:33 AM

A traffic enforcer checks the temperature of a passenger at a tricycle terminal in San Juan City on the first day of the resumption of their operations on May 28, 2020. George Calvelo, ABS-CBN News

BEIJING - Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it had approved a $750 million (P37.9 billion) loan to the Philippines to help the country cope with the coronavirus pandemic.

The project, which will be co-financed by the Asian Development Bank, is intended to increase testing capacity, support vulnerable sectors like agriculture, and provide emergency assistance to poor households, according to a statement.

Over 1 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.