Asia’s leading multilateral development banks will boost their support to companies and governments stricken by the coronavirus pandemic in an effort to avert a financial crisis in the region.
The Beijing-based Asian Infrastructure Investment Bank plans to lend at least $5bn to member countries to help them battle the pandemic. Jin Liqun, the AIIB’s president and chairman, told the Financial Times that he expected this amount to serve its members’ needs for 18 months when combined with existing lending programmes.
“But if the demand is much bigger, it is possible for us to increase the amount, with the approval of our board,” Mr Jin added.
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