AIIB exploring $300M loan for PH vaccine program

Beijing-based multilateral development bank AIIB is exploring a USD300 million loan for the Philippines to fund its Covid-19 immunization program.

The loan will also support programs to mitigate the adverse impacts of the global health and economic crisis, including vaccine acquisition and assistance to vulnerable sectors.

AIIB president Jin Liqun assured there would be no 'debt trap' as long as borrowings are well-spent, addressing concerns about accumulating debts during the pandemic.

Last year, AIIB approved a USD750 million loan for the Philippines, co-financed by ADB, to support increased Covid-19 testing capacity and emergency assistance for vulnerable sectors.