China-backed AIIB approves US$ 1 billion in two loans for Indonesia's virus battle

VIRUS CORONA - BEIJING. The Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved US$ 1 billion in two loans to help Indonesia combat the coronavirus pandemic, the bank said on Tuesday.

The first loan of US$ 750 million, with cofinancing from the Asian Development Bank, will support a project to boost economic support for businesses and vulnerable households, as well as bolster the health system, the bank said in a statement.

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The second loan of US$ 250 million, with cofinancing from the World Bank, will back the immediate government response to the pandemic in areas such as testing, surveillance and treatment.

Both loans are part of the AIIB's US$ 10 billion funding facility to help public and private sectors fight the outbreak.