China-backed AIIB approves $500 million loan for Pakistan's COVID-19 responseChina-backed AIIB approves $500 million loan for Pakistan's COVID-19 response
The headquarters of Asian Infrastructure Investment Bank (AIIB) is seen under construction in Beijing

BEIJING (Reuters) – The Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a loan of $500 million to help Pakistan battle the coronavirus pandemic, the bank said on Thursday.

The project, co-financed by the Asian Development Bank, aims to strengthen protection for vulnerable groups, bolster the health care system, and help small businesses amid the economic downturn, the bank said in a statement.

The loan is part of a $10 billion funding facility the AIIB has announced to help public and private sectors fight the outbreak.

(Reporting by Gabriel Crossley; Editing by Kim Coghill)