China-led AIIB approves $300M loan to aid in Philippines' vaccine rollout

The Asian Infrastructure Investment Bank (AIIB) Board of Directors has approved $300 million in loans to assist the Philippines' procurement of vaccines against the coronavirus disease (COVID-19).

"AIIB’s vaccine financing will adhere to international standards for safety, equity and quality in support of our members in their vaccine rollout,” said AIIB Vice President, Policy and Strategy, Joachim von Amsberg in a statement.

“The project is consistent with AIIB’s mission to promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions,” he added.

AIIB's loan, which is co-financed by the Asian Development Bank, will support the Philippine government in buying vaccines for over 50 million people, which is 43.8 percent of the country's population.

In June 2020, the AIIB also extended $750 million in loans to the Philippines to augment the government's funds in addressing the spread of COVID-19. -- BAP, GMA News