Beijing’s AIIB approves $250 million loan to Pakistan to fight COVID-19 impact

Women wearing protective face masks walk amid the rush of people along a road as the outbreak of the coronavirus disease (COVID-19) continues, in Karachi, Pakistan July 20, 2020. (Reuters)

• Project to be co-financed by World Bank, AIIB previously approved $500 million loan for Pakistan for coronavirus response
• Loan to be used to strengthen health infrastructure, social safety nets, investment in human capital and economic growth 

BEIJING: The Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Wednesday it would lend $250 million to Pakistan to help the country deal with the effects of the COVID-19 pandemic.

The project will be co-financed by the World Bank and will bolster a Pakistan government program to strengthen health infrastructure, social safety nets, investment in human capital and economic growth, the AIIB said in a statement.

The AIIB has previously approved a loan of $500 million for Pakistan’s response to COVID-19. Both loans are part of the AIIB’s $10 billion funding facility to help public and private sectors fight the outbreak.