The Asian Infrastructure Investment Bank (AIIB) has given the green light for its first emergency assistance loan totalling US$355 million to help China’s financing needs for public health infrastructure in the fight against Covid-19.
The funds will go towards upgrading its public health infrastructure and provide emergency equipment and supplies in the capital, Beijing and Chongqing, a megacity in southwest China.
In a statement the AIIB, which is headquartered in Beijing, said the coronavirus outbreak revealed a financial need to help strengthen its capacity in epidemic prevention and control.
“Cities with large floating populations like Beijing and Chongqing have particularly acute financial needs to address such challenges,” the AIIB said.
“The loan will support the sustainable development of the two cities’ public health infrastructure, system and emergency response. These include upgrading their respective Centers for Disease Control and Prevention, enhancing the treatment capacity of medical institutions in dealing with epidemic emergencies and providing emergency equipment and supplies to frontline public health workers to help contain the outbreak.”
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