AIIB agrees first loan to Maldives to boost COVID-19 response

The Asian Infrastructure Investment Bank has approved a loan of $7.3 million to the Maldives to strengthen the country’s health response to the COVID-19 pandemic. It represents AIIB’s first project financing in the country. 

Co-financed with the World Bank, the project will allow the government to scale up its efforts to provide protection to medical professionals through the provision of personal protective equipment and strengthen health systems through boosting testing capabilities. Beneficiaries include at-risk populations, particularly the elderly and people with underlying conditions, as well as public health agencies engaged in the response in the Maldives. 

The project was approved under a new Special Fund Window (SFW) as part of AIIB’s COVID-19 Crisis Recovery Facility (CRF). This additional financing will allow the Maldives to buy down the interest rate to reduce the financial burden of the loan.