China-backed AIIB approves US$1b in two loans for Indonesia's virus battle

[BEIJING] The Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved US$1 billion in two loans to help Indonesia combat the coronavirus pandemic, the bank said on Tuesday.

The first loan of US$750 million, with cofinancing from the Asian Development Bank, will support a project to boost economic support for businesses and vulnerable households, as well as bolster the health system, the bank said in a statement.

The second loan of US$250 million, with co-financing from the World Bank, will back the immediate government response to the pandemic in areas such as testing, surveillance and treatment.

Both loans are part of the AIIB's US$10 billion funding facility to help public and private sectors fight the outbreak.

REUTERS

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