China-backed AIIB approves 70 million euro loan to Turkey to fight COVID-19

FILE PHOTO: The headquarters of Asian Infrastructure Investment Bank (AIIB) is pictured in Beijing, China July 27, 2020. REUTERS/Tingshu Wang

BEIJING (Reuters) - Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Monday it would lend 70 million euros ($83.37 million) to Turkey to help the country deal with the COVID-19 pandemic.

The project will be co-financed by the European Bank for Reconstruction and Development, and aims to increase public hospital infrastructure capacity, according to a statement by the AIIB.

The loan is part of AIIB’s $13 billion funding facility to help public and private sectors fight the pandemic. The bank has previously approved loans totalling $500 million to two development banks in Turkey through the facility.

Graphic: Tracking global spread of coronavirus: here

Reporting by Gabriel Crossley; Editing by Kim Coghill