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AIIB approves 70 million euro loan to Turkey to fight coronavirus

Christian Fernsby ▼ | August 31, 2020
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of EUR70 million (approximately USD82.6 million equivalent) to support the Government of Turkey in strengthening its healthcare emergency response against the coronavirus pandemic.
Turkey   AIIB
The project, cofinanced with the European Bank for Reconstruction and Development, will scale up public hospital infrastructure capacity with critical hospital equipment, and reduce the funding gap in the Turkish Government’s emergency health program.

Topics: AIIB Turkey

AIIB’s financing will support the quality upgrade of physical infrastructure in designated Istanbul pandemic hospitals and selected public hospitals. It will also increase access to health infrastructure. The project is funded by the AIIB COVID-19 Crisis Recovery Facility (CRF).

This is AIIB’s second approved CRF project to Turkey, following the USD500-million sovereign guaranteed credit lines approved in July 2020 to two Turkish development banks to alleviate liquidity constraints faced by companies in infrastructure and other productive sectors as a result of the COVID-19 pandemic.

The CRF provides up to USD13 billion of financing to both public and private-sector entities facing serious adverse impacts as a result of the pandemic.

As of August 27, 2020, AIIB’s Board of Directors has approved a total of 21 projects amounting to over USD6.34 billion to help 15 members navigate the challenges of these highly uncertain times.