China-Backed AIIB Approves $100m Loan to Bangladesh to Fight COVID-19

Beijing-backed Asian Infrastructure Investment Bank ( AIIB) announced on Friday that it will lend $100 million to Bangladesh to aid the country cope with the Covid-19 pandemic.

The project will be co-financed by the World Bank and aims to improve the country's potential for monitoring, tracking and care, as well as its pandemic preparedness, according to the AIIB statement, reports Reuters.

The loan is part of AIIB's $13 billion lending package to support the public and private sectors battle the pandemic. The Bank had already lent $250 million to Bangladesh via this facility in May.

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