Beijing, China, April 03, 2020
AIIB Looks to Launch USD5 Billion COVID-19 Crisis Recovery Facility
The Asian Infrastructure Investment Bank (AIIB) is proposing to its Board of Directors to create a crisis recovery facility in response to urgent economic, financial and public health pressures and to support a quick recovery after the current crisis. A new Crisis Recovery Facility will offer an initial USD5 billion of financing to both public and private sector entities facing serious adverse impacts as a result of the pandemic. It is part of the coordinated international response to counter COVID 19 crisis, as per the Extraordinary G20 Leaders’ Summit.
The facility is designed to be flexible and adaptive to emerging demands. It will offer dedicated financing for the next 18 months for qualifying projects within its membership. The size of the facility could be increased depending on client demand. AIIB is also exploring how it can use its Project Preparation Special Fund to help its members, especially low-income members, whose economies are being particularly impacted by COVID-19.
AIIB President and Chair of the Board, Jin Liqun, said: “A well-managed and robust development institution must be nimble enough to deal with external shocks and responsive enough to adapt to the changing needs of its clients while also adhering to our mission of promoting economic and social development in Asia.”
He continued, “The international community needs to come together to pool our resources to help the world navigate the current pandemic and economic upheaval. AIIB is committed to playing its full part.”
The facility could support emergency public health needs, such as health infrastructure for emergency preparedness and clients whose infrastructure investments are severely impacted by the pandemic. It could also provide the financing needed to preserve the productive capacity of other productive sectors, including manufacturing, that have been hit by COVID-19.
Continues President Jin, “AIIB will do its part to rapidly respond to the financing needs of its members and clients in close partnership with other international development institutions. I believe this new facility will help our clients to overcome immediate financial pressures and maintain critical long-term investments that otherwise may not be possible.”
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 102 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.
More News Articles
Beijing, February 01, 2023
AIIB Launches Inaugural Euro Commercial Paper Program
The Asian Infrastructure Investment Bank (AIIB) is launching its inaugural USD5-billion multicurrency Euro Commercial Paper (AIIB ECP) program in February 2023. The program expands AIIB’s short-term funding options and demonstrates the Bank’s agility in meeting investors’ demand for sustainable investment through high-quality debt capital market issuance programs.READ MORE
Beijing, January 09, 2023
AIIB Welcomes Mauritania as New Prospective Member
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved Mauritania’s application, raising the Bank’s approved membership to 106. Mauritania is now AIIB’s 55th nonregional member, 21 of which are from Africa.READ MORE
Beijing, December 30, 2022
AIIB Extends EUR250M to Support Egypt’s Green Public Transportation
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a EUR250-million loan to Egypt for the Alexandria-Abou Qir Metro Line Project. Aiming to increase access to efficient, safe and low-carbon public transportation in the city of Alexandria, the project will upgrade and electrify the existing Alexandria-Abou Qir line. Twenty metro stations along the 22-kilometer corridor will be modernized, 13 stations and 16 kilometers of which will be elevated.READ MORE
Beijing, December 12, 2022
AIIB Reinforces Commitment to Support Members’ Clean Energy Solutions
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved an update to the Bank’s Energy Sector Strategy on Nov. 22, 2022. Under the updated Energy Sector Strategy, AIIB will focus its energy investments on supporting its Members to achieve their long-term climate goals and net-zero/carbon neutrality commitments and to accelerate the just transition towards secure, affordable, and sustainable energy access for all.READ MORE