$250 Million Loan Extended by AIIB to Pakistan for COVID 19

The Asian Infrastructure Investment Bank (AIIB) has extended the loan of $250 million to Pakistan in order to enable it to deal with the prevailing situation due to the COVID 19 pandemic. This program is going to be co-financed by the World Bank and will contribute to the program of the Pakistan Government to strengthen health infrastructure, social safety nets, investment in human capital and economic growth.

The Beijing-based AIIB has sanctioned $500 million for helping Pakistan combat the effect of COVID 19 in the recent past also. Both these loans form part of the $10 billion funding facility of the bank to help public and private sector fight against the pandemic.

Asian Infrastructure Investment Bank (AIIB)

It is a multi-lateral development organization that has the objective to support the building of infrastructure in the Asia-Pacific Region. It has 82 members as well as 20 prospective members from around the world. The bank started its operation from 2015 and is based in Beijing, China. The starting capital of the bank was $100 billion. AIIB has received the highest credit ratings from the top credit rating agencies in the world.

Month: Current Affairs - July, 2020