July 3, 2020 / 3:56 AM / a month ago

China-backed AIIB to lend $500 million to two Turkish development banks

FILE PHOTO: The headquarters of Asian Infrastructure Investment Bank (AIIB) is seen under construction in Beijing, China May 5, 2019. REUTERS/Stringer/File Photo

BEIJING (Reuters) - 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 (KLNMA.IS) and Türkiye Sınai Kalkınma Bankası (TSKB.IS), 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.

(Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser.)

Reporting by Gabriel Crossley; Editing by Devika Syamnath

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