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China-backed AIIB to lend $500 million to two Turkish development banks - Metro US

China-backed AIIB to lend $500 million to two Turkish development banks

FILE PHOTO: The headquarters of Asian Infrastructure Investment Bank (AIIB) is seen under construction in Beijing

BEIJING (Reuters) – The Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it would lend $500 million to two development banks in Turkey, to help ease liquidity issues caused by the COVID-19 pandemic.

The two borrowers, Türkiye Kalkınma ve Yatırım Bankası AS <KLNMA.IS> and Türkiye Sınai Kalkınma Bankası <TSKB.IS>, plan to lend the borrowed funds to infrastructure companies, the bank said in a statement.

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

(Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser.)

(Reporting by Gabriel Crossley; Editing by Devika Syamnath)

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