China-backed AIIB approves $500 million loan for Pakistan's COVID-19 response

A police officer wearing personal protection equipment (PPE) stands guard at a street sealed after Pakistani authorities re-imposed strict lockdowns. Credit: Reuters Photo

The Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a loan of $500 million to help Pakistan battle the coronavirus pandemic, the bank said on Thursday.

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The project, co-financed by the Asian Development Bank, aims to strengthen protection for vulnerable groups, bolster the health care system, and help small businesses amid the economic downturn, the bank said in a statement.

The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sectors fight the outbreak.