Asian Infrastructure Bank plans $5bn Covid relief fund

The Asian Infrastructure Investment Bank (AIIB) plans to launch a $5bn crisis recovery fund to support a quick turnaround after the coronavirus pandemic.

Cash would be made available for health infrastructure, emergency plans, or industries hit by the pandemic.

Last month
, the AIIB announced infrastructure investment to combat the effects of Covid-19.

The $5bn is intended to meet emerging demand among its low-income members, whose economies could be hit the worst by the Coronavirus.

Jin Liqun, AIIB’s president, is quoted in an email to GCR: "A well-managed and robust development institution must be nimble enough to deal with external shocks and responsive enough to adapt to the changing needs of its clients while also adhering to our mission of promoting economic and social development in Asia.

"The international community needs to come together to pool our resources to help the world navigate the current pandemic and economic upheaval. AIIB is committed to playing its full part.

"AIIB will do its part to rapidly respond to the financing needs of its members and clients in close partnership with other international development institutions. I believe this new facility will help our clients to overcome immediate financial pressures and maintain critical long-term investments that otherwise may not be possible."

Image: AIIB President Jin Liqun (Wikimedia Commons)

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