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

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

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

Published on: Jul 22, 2020, 9:16 AM IST
Posted by: intern five, Jul 22, 2020, 9:16 AM IST