World News

Beijing-Backed AIIB to double funds under coronavirus crisis facility to $10 billion

BEIJING (Reuters) – The China-backed Asian Infrastructure Investment Bank said on Friday that it was doubling available funds under its COVID-19 crisis recovery facility to provide up to $10 billion in financing to meet high client demand.

Requests for funding have sharply exceeded the $5 billion originally allocated for emergency relief, the Beijing-backed bank said in a statement.

(Reporting by Ryan Woo; Editing by Shri Navaratnam)