Philippines, AIIB ink pact on co-financing for COVID-19 response

The Philippines has signed an agreement with the Asian Infrastructure Development Bank (AIIB) committing the multilateral lender to extend a loan of 750 million USD to support government efforts to mitigate the COVID-19 outbreak.

Tuesday, June 09, 2020 21:22

Philippines, AIIB ink pact on co-financing for COVID-19 response ảnh 1

Illustrative image (Photo: Reuters)

Hanoi (VNA) - The Philippines has signed anagreement with the Asian Infrastructure Development Bank (AIIB) committing themultilateral lender to extend a loan of 750 million USD to support governmentefforts to mitigate the COVID-19 outbreak.

The Philippine Department of Finance (DOF) said on June 9that it intends to use the new loan to augment the funds needed to slow downthe viral transmission and carry out an economic recovery plan designed to fuelgrowth and create jobs.

In its statement, the DOF said the loan accord cements the AIIB'scommitment to co-finance with the Asian Development Bank (ADB) in thePhilippines' COVID-19 Active Response and Expenditure Support (CARES) programme.

The AIIB loan carries a maturity period of 12 years,inclusive of a three-year grace period.

Last month, Philippine Finance Secretary Carlos Dominguezsigned an agreement with ADB Country Director for the Philippines Kelly Birdthat would enable the government to access up to 1.5 billion USD in budgetarysupport from the bank to augment funds for the CARES programme.

At least 7.3 million Filipinos lost their jobs in April 2020as the unemployment rate in the Philippines rose to a record high 17.7 percentin April 2020 due to the economic slowdown triggered by the COVID-19 lockdownsince mid-March./.

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