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. 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 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.