AIIB approves $100m loan to Bangladesh to fight Covid-19...

Dhaka, Tuesday   27 October 2020

AIIB approves $100m loan to Bangladesh to fight Covid-19

 Staff Correspondent

 Published: 06:58 PM, 28 August 2020  

File Photo

File Photo

The Asian Infrastructure Investment Bank (AIIB) has approved a $100 million loan to help Bangladesh to combat against the Covid-19 pandemic.

According to a statement issued by the AIIB on Friday, the project will be co-financed by the World Bank to increase the Covid-19 sample testing, tracing and treatment capacity in the country.

“Through the Covid-19 Emergency Response and Pandemic Preparedness Project in Bangladesh, AIIB can help to reduce the significant pressures and increased the country’s healthcare infrastructure, systems, and supply chains and mitigate the risk of loss of life,” said DJ Pandian, AIIB (Investment Operations) vice president in a statement.

Since May 2020, AIIB is working together with Asian Development Bank (ADB) with approved $250 million loans to help the effects of the pandemic on small and medium enterprises and various export-oriented industries.

The financings of AIIB in Bangladesh is part of its’ Covid-19 Crisis Recovery Facility (CRF) that provides up to $13 billion of financing to both public and private sectors facing serious adverse impacts as a result of the pandemic.