The BRICS New Development Bank (NDB) has approved an emergency assistance loan of seven billion yuan (about $1 billion) to China to help the country fight COVID-19.
The bank, in a statement said the loan would contribute to China’s continuous efforts to mitigate the impact of the epidemic on people’s health and economic lives.
“It is the first emergency assistance programme approved by the NDB to support its member countries in the fight against the novel coronavirus outbreak and is also the largest single loan issued by the bank so far.
“The programme will provide financial support for unplanned emergency public health expenditures related to the anti-epidemic fight.
“The assistance will focus on three Chinese provinces worst hit by the outbreak – Hubei, Guangdong and Henan,’’ the statement said.
The bank, which has it’s headquarter in Shangai, was established by Brazil, Russia, India, China and South Africa.
The bank formally opened on July 21, 2015 in Shanghai.