AIIB approves EUR70-m loan to support Turkey’s healthcare infrastructure

AIIB approves EUR70-m loan to support Turkey’s healthcare infrastructure

The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of EUR70 million (approximately USD82.6 million equivalent) to support the Government of Turkey in strengthening its healthcare emergency response against the COVID-19 pandemic.

The project, cofinanced with the European Bank for Reconstruction and Development, will scale up public hospital infrastructure capacity with critical hospital equipment, and reduce the funding gap in the Turkish Government’s emergency health program.

AIIB’s financing will support the quality upgrade of physical infrastructure in designated Istanbul pandemic hospitals and selected public hospitals. It will also increase access to health infrastructure. The project is funded by the AIIB COVID-19 Crisis Recovery Facility (CRF).

“By providing hospitals with critical hospital equipment, AIIB’s financing will help strengthen Turkey’s emergency response capacity, improve its healthcare infrastructure, and enhance its preparedness for future healthcare crises”, said AIIB Vice President, Investment Operations, Konstantin Limitovskiy. “In addition to promoting social protection, the funding will support Turkey’s economic resilience, which is crucial for its recovery and long-term sustainable development.”

This is AIIB’s second approved CRF project to Turkey, following the USD500-million sovereign guaranteed credit lines approved in July 2020 to two Turkish development banks to alleviate liquidity constraints faced by companies in infrastructure and other productive sectors as a result of the COVID-19 pandemic.

Original source: AIIB