AIIB agrees $750m of Covid-19 support loans for Philippines

The Asian Infrastructure Investment Bank (AIIB) has agreed to co-finance a $750 million loan to the Philippines. The loan, which has a maturity period of 12 years with a three-year grace period, will be used to finance Covid-19 relief measures. It has a maturity period of 12 years with a three-year grace period. 

Co-financed with ADB, proceeds will be used to bolster government testing capacity, provide emergency assistance to poor households, and fund at least one million microfinance loans to SMEs. The Philippines' Department of Finance expects the disbursement of the loan in June.