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AIIB sanctions $250 million loan to cash-strapped Pakistan to combat coronavirus

The project will be co-financed by the World Bank and will bolster a Pakistan government programme to strengthen health infrastructure, social safety nets, investment in human capital and economic growth

twitter-logoReuters | July 22, 2020 | Updated 09:18 IST
AIIB sanctions $250 million loan to cash-strapped Pakistan to combat coronavirus

The Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Wednesday it would lend $250 million to Pakistan to help the country deal with the effects of the COVID-19 pandemic.

The project will be co-financed by the World Bank and will bolster a Pakistan government programme to strengthen health infrastructure, social safety nets, investment in human capital and economic growth, the AIIB said in a statement.

The AIIB has previously approved a loan of $500 million for Pakistan's response to COVID-19. Both loans are part of the AIIB's $10 billion funding facility to help public and private sectors fight the outbreak.

Also read: Coronavirus: US accuses Chinese hackers of stealing vaccine research

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