FinanceChina-Backed AIIB to Lend $500M to Two Turkish Development Banks

2020-07-03 16:07

The Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it would lend $500 million to two development banks in Turkey, to help ease liquidity issues caused by the COVID-19 pandemic.

The two borrowers, Türkiye Kalkınma ve Yatırım Bankası AS and Türkiye Sınai Kalkınma Bankası, plan to lend the borrowed funds to infrastructure companies, the bank said in a statement.

The loans are part of the AIIB’s $10 billion funding facility to help public and private sectors fight the outbreak.

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