Finance Secretary Carlos Dominguez 3rd said on Friday the government was interested to tap the Asian Infrastructure Investment Bank’s (AIIB) planned $5-billion crisis recovery facility.
“This is a very welcome initiative from [the] AIIB,” Dominguez told reporters in a Viber message when asked about the China-backed AIIB’s plan to finance public and private sector entities dealing with the negative impact of the coronavirus disease 2019 (Covid-19) pandemic.
“We will definitely present to them (AIIB) our plans for combating the contagion and for the long-term strengthening of our healthcare system,” he said.
In a statement on Friday, the AIIB announced that the facility’s creation was proposed to its board of directors.
The facility is designed to be flexible and adaptive to emerging demands, and will offer dedicated financing for the next 18 months for qualifying projects within its membership.
The size of the facility could be increased, depending on client demand.
AIIB is also exploring how it can use its Project Preparation Special Fund to help its members, especially low-income ones whose economies are hit by Covid-19.
The facility could support emergency public health needs, such as health infrastructure for emergency preparedness and clients whose infrastructure investments are severely affected by the pandemic.
It could also provide the financing needed to preserve the productive capacity of other productive sectors, including manufacturing, that have been hit by Covid-19.
“A well-managed and robust development institution must be nimble enough to deal with external shocks and responsive enough to adapt to the changing needs of its clients while also adhering to our mission of promoting economic and social development in Asia,” AIIB President and Chairman of the Board Jin Liqun said.
“The international community needs to come together to pool our resources to help the world navigate the current pandemic and economic upheaval. AIIB is committed to playing its full part,” he added.