AIIB approves $1b to support post-disaster recovery in China

BEIJING - The Asian Infrastructure Investment Bank (AIIB) has approved the allocation of $1 billion to a project supporting post-disaster recovery in central China's Henan province.

The loan will help the cities of Zhengzhou, Xinxiang and Jiaozuo rebuild infrastructure and strengthen their integrated flood risk management and emergency response capacity in the long term, the bank said.

The province was struck by heavy rains over the summer, resulting in severe damage to homes and public facilities.

While addressing immediate post-disaster recovery needs, the project also takes long-term sustainability and climate resilience into consideration.

"The project reinforces our commitment to work with our members to drive action on climate change," AIIB President Jin Liqun said.

"AIIB will continue to prioritize projects that enhance investments in climate adaptation and resilience to promote sustainable green infrastructure development and support our members in achieving their development goals," Jin said.