Inquirer
PH eyes AIIB’s $5-B ‘recovery’ financing facility
The Philippines plans to present its strategies against the COVID-19 pandemic to the Asian Infrastructure Investment Bank (AIIB) to avail of its proposed $5-billion crisis recovery financing.
The AIIB has proposed a $5-billion facility to address the urgent economic, financial, and public health pressures caused by the COVID-19 crisis.
This financing will be accessible to both government and private sector entities impacted by the pandemic.
Finance Secretary Carlos Dominguez III welcomed the AIIB's initiative and stated that the Philippines will present its plans for combating the contagion and strengthening the healthcare system.
The Department of Finance and the Department of Health will evaluate the AIIB's healthcare infrastructure program for pandemic response.
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The Asian Development Bank (ADB) has approved a $5-million emergency grant for the Philippines' fight against the coronavirus disease 2019 (COVID-19).
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The World Bank has approved a $500-million loan to support the Philippines' capacity building in addressing the COVID-19 pandemic and strengthening disaster risk response and recovery programs.
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