AIIB approves $300M loan for PH vaccine rollout

Updated Fri, March 26, 2021 at 8:10 PM Published Thu, March 25, 2021 at 9:15 PM

The China-backed Asian Infrastructure Investment Bank (AIIB) has approved a $300-million loan to support the Philippines' vaccine rollout.

Chinese Ambassador to Manila Huang Xilian revealed the loan would support Manila in providing timely access to vaccines to accelerate its nationwide immunization and economic recovery.

This demonstrates AIIB's commitment to supporting its members in responding to the Covid-19 crisis.

The new loan is the second financing extended to the Philippines under AIIB's Covid-19 Crisis Recovery Facility (CRF).

Last year, AIIB approved a $750 million loan, co-financed by the Asian Development Bank (ADB), to increase the country's testing capacity and support vulnerable sectors.

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