China-backed AIIB to double funds under coronavirus crisis facility to $10b

[BEIJING] The China-backed Asian Infrastructure Investment Bank said on Friday that it was doubling available funds under its Covid-19 crisis recovery facility to provide up to US$10 billion (S$14.24 billion) in financing to meet high client demand.

Requests for funding have sharply exceeded the US$5 billion originally allocated for emergency relief, the Beijing-backed bank said in a statement.

REUTERS