China-backed AIIB approves 70 million euro loan to Turkey to fight COVID-19

FILE PHOTO: Headquarters of Asian Infrastructure Investment Bank (AIIB) in Beijing

BEIJING (Reuters) – Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Monday it would lend 70 million euros ($83.37 million) to Turkey to help the country deal with the COVID-19 pandemic.

The project will be co-financed by the European Bank for Reconstruction and Development, and aims to increase public hospital infrastructure capacity, according to a statement by the AIIB.

The loan is part of AIIB’s $13 billion funding facility to help public and private sectors fight the pandemic. The bank has previously approved loans totalling $500 million to two development banks in Turkey through the facility.

Graphic: Tracking global spread of coronavirus: https://graphics.reuters.com/CHINA-HEALTH-MAP/0100B59S39E/index.html

(Reporting by Gabriel Crossley; Editing by Kim Coghill)

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