Beijing-backed AIIB approves emergency loan to China to help with coronavirus response

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Tuesday it had approved its first emergency assistance loan of 2.485 billion yuan ($352 million) to China in order to help in the fight against the COVID-19 pandemic. The money will fund the provision of emergency supplies and improvements to public health infrastructure in Beijing, where AIIB is headquartered, and Chongqing, a megacity in southwestern China, the bank said in a statement.

The AIIB announced last week it was proposing to its board a $5 billion financing facility to help public and private sector entities navigate the coronavirus pandemic. Beijing and Chongqing have "particularly acute" financial needs in addressing health challenges as a result of their large populations, the statement said.

($1 = 7.0571 Chinese yuan renminbi)