Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) will be doubling the funds under its COVID-19 Crisis Recovery Facility.
The bank stated due to high client demand, it has decided to provide USD5-10 billion finance. AIIB President and Chair of the Board Jin Liqun added, “It was imperative that we respond to the urgent and extraordinary scale of demand from our members to significantly increase the scope of our response.
”The recent provision is made based on the feedback of their clients. It will offer immediate assistance in three key areas: to help alleviate health care pressures in the form of health infrastructure and pandemic preparedness; liquidity support through on-lending facilities and credit lines via financial institutions to address working capital and liquidity shortages and immediate fiscal and budgetary support, in partnership with other multilateral development banks.“We are facing a formidable challenge, with the depth and severity of the crisis growing with each passing day,” said Jin.
Just last week, AIIB had set aside USD5 billion to help public and private sector clients manage through the COVID-19 pandemic. Other than making funds available, AIIB is working closely with other international financial institutions to create a network of support options, especially for the most vulnerable economies. “An adaptive, multilateral approach will be necessary to effectively help countries around the world successfully navigate the health and economic costs of recovery,” said Jin.
