AIIB disburses $6 billion of promised $10 billion for Covid-19 treatment
AIIB’s special program “Recovery from the COVID-19 Crisis” has a budget of $10 billion
On July 28-29, Asian Infrastructure Investment Bank’s (AIIB) fifth Annual Meeting was held via videoconference. The event was attended by the AIIB managers and deputy governors from 103 member states of the Bank, the Bank’s governors, international experts and other high-ranking guests.
President of the People’s Republic of China Xi Jinping addressed the event. Emphasized that China support to multilateralism, and Xi Jinping noted that AIIB has established itself in the world as a new type of professional, efficient and clean multilateral development bank.
At the meeting, Jin Liqun was elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the Bank’s Board of Governors. The election result was announced by the Chair of AIIB’s Board of Governors.
During the roundtable discussion, held within the framework of the meeting, the current trends in the global and regional economy, the impact of COVID-19 on international economic relations, the program of measures to support the Bank’s member states in overcoming the challenges posed by the pandemic, as well as the state of preparation of the corporate strategy were discussed.
The meeting outlined the AIIB activities for the short and long term. The need for a systemic approach of the Bank to achieve a multiplier effect from the implementation of projects, as well as the need for a regular exchange of views in order to develop specific proposals for economic recovery in the AIIB member countries was also noted.
The AIIB management presented a report on the results of the Bank’s activities for 2019, as well as on measures taken to support the member countries in overcoming the economic consequences of the pandemic.
Participants of the meeting were informed about the progress of the AIIB special program “Recovery from the COVID-19 Crisis” in the amount of $10 billion, within which, as of today, more than $6 billion have been allocated to provide financial support to 12 countries.
Within the framework of this program, about $300 million is planned to be spent on the implementation of projects to support the healthcare system and the development of entrepreneurship in Uzbekistan. In general, the package of promising projects covers 10 countries and is currently at the stage of preparation and approval.
The AIIB Governor from the Republic of Uzbekistan, Deputy Prime Minister, Minister of Investments and Foreign Trade Sardor Umurzakov noted in his address that the current situation in the global economy required governments and partners for development to take decisive and effective measures at the national, regional and international levels.
