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China-backed AIIB Approves $100 Million Loan to Bangladesh to Fight Covid-19

People without protective masks shop on a street as the coronavirus disease (COVID-19) outbreak continues in Dhaka, Bangladesh, August 12, 2020. REUTERS/Mohammad Ponir Hossain

People without protective masks shop on a street as the coronavirus disease (COVID-19) outbreak continues in Dhaka, Bangladesh, August 12, 2020. REUTERS/Mohammad Ponir Hossain

The loan is part of AIIB’s $13 billion funding facility to help public and private sectors fight the pandemic. The bank had already loaned Bangladesh $250 million through this facility in May.

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it would lend $100 million to Bangladesh to help the country deal with the COVID-19 pandemic.

The project will be co-financed by the World Bank and aims to increase the country’s testing, tracing and treatment capacity, as well as its pandemic preparedness, 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 had already loaned Bangladesh $250 million through this facility in May.

first published:August 28, 2020, 12:12 IST