The China-backed Asian Infrastructure Investment Bank (AIIB) has approved a $300-million loan (about P14.55 billion) to support the Philippines’ vaccine rollout, Chinese Ambassador to Manila Huang Xilian revealed on Friday.

Huang said the loan would support Manila in providing timely access to vaccines to accelerate its nationwide immunization, as well as its economic and social recovery.

“It demonstrates AIIB’s commitment to supporting its members in responding to the Covid-19 (coronavirus disease 2019) crisis and addressing development challenges. I’m happy that AIIB is providing strong support to the Philippines, a founding member of this vibrant international financial organization,” he said in a statement.

The new loan is the second financing extended to the Philippines under AIIB’s Covid-19 Crisis Recovery Facility (CRF).

It approved last year a loan amounting to $750 million, co-financed by the Asian Development Bank, to increase the country’s testing capacity and support vulnerable sectors through emergency assistance and wage subsidies.