China commends the efforts made by AIIB to helping the Philippines

China firmly supports and upholds the multilateral efforts of international organizations to help the Philippines and other economies in need to tackle the challenges posed by COVID-19.

The Philippines signed an agreement with China-led Asian Infrastructure Investment Bank (AIIB) for extending a US$750 million (P37.5 billion) loan to help the country in combating the COVID-19 pandemic. The loan agreement was signed last June 5 by Finance Secretary Carlos Dominguez III and AIIB Acting Director General Rajat Misra. 

According to Dominguez, the loan package from the AIIB will help augment the funding requirements necessary to mitigate the severe negative impact of COVID-19 on the people and the economy. He also thanked the AIIB and President Jin Liqun for committing with the Asian Development Bank (ADB) to support the COVID-19 Active Response and Expenditure Support (CARES) program.

China highly commends the contribution made by Beijing-based AIIB to helping the Philippines build economic resilience and ensure quick recovery from this pandemic. 

“China firmly supports and upholds the multilateral efforts of international organizations to help the Philippines and other economies in need to tackle the challenges posed by COVID-19.”  the Chinese Embassy said in a statement. 

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