BEIJING — The Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it was proposing to its board to form a $5 billion financing facility to help public and private sector entities amid the coronavirus pandemic. The proposed crisis recovery facility is in response to urgent economic, financial and public health pressures, and to support a quick recovery after the current crisis, AIIB said in a statement. It is also part of the coordinated international response to counter the pandemic, following the recent extraordinary summit of G20 leaders, the bank said. (Reporting by Ryan Woo; Editing by Tom Hogue)

Source: International New York Times April 03, 2020 02:37 UTC