The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of EUR70 million (approximately USD82.6 million equivalent) to support the Government of Türkiye in strengthening its healthcare emergency response against the COVID-19 pandemic.
The project, cofinanced with the European Bank for Reconstruction and Development, will scale up public hospital infrastructure capacity with critical hospital equipment, and reduce the funding gap in the Turkish Government’s emergency health program.
AIIB’s financing will support the quality upgrade of physical infrastructure in designated Istanbul pandemic hospitals and selected public hospitals. It will also increase access to health infrastructure. The project is funded by the AIIB COVID-19 Crisis Recovery Facility (CRF).
“By providing hospitals with critical hospital equipment, AIIB’s financing will help strengthen Türkiye’s emergency response capacity, improve its healthcare infrastructure, and enhance its preparedness for future healthcare crises”, said AIIB Vice President, Investment Operations, Konstantin Limitovskiy. “In addition to promoting social protection, the funding will support Türkiye’s economic resilience, which is crucial for its recovery and long-term sustainable development.”
This is AIIB’s second approved CRF project to Türkiye, following the USD500-million sovereign guaranteed credit lines approved in July 2020 to two Turkish development banks to alleviate liquidity constraints faced by companies in infrastructure and other productive sectors as a result of the COVID-19 pandemic.
The CRF provides up to USD13 billion of financing to both public and private-sector entities facing serious adverse impacts as a result of the pandemic. As of August 27, 2020, AIIB’s Board of Directors has approved a total of 21 projects amounting to over USD6.34 billion to help 15 members navigate the challenges of these highly uncertain times. Other projects being proposed under the CRF can be found here.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia. Headquartered in Beijing, we began operations in January 2016 and have now grown to 103 approved members worldwide. By investing in sustainable infrastructure and other productive sectors in Asia and beyond, we will better connect people, services and markets that over time will impact the lives of billions and build a better future.