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China-backed AIIB approves $750-M loan for Philippines' pandemic response
China-backed AIIB approves $750-M loan for Philippines' pandemic response
Reuters
Published May 29, 2020 11:33 AM PHT
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.
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