The Beijing-based Asian Infrastructure Investment Bank on Wednesday announced a funding plan to help developing countries get access to coronavirus vaccines this year. The AIIB, seen as China’s answer to the World Bank and Asian Development Bank, did not give details of the plan but said overall lending for 2021 would remain at a similar level to last year’s. It set up a lending facility in 2020 to help member countries counter the impact of the pandemic that started at US$5 billion and was expanded to US$13 billion. The bank said it had approved US$7.07 billion of loans through that facility by the end of last year, bringing its total approved loans to US$9.98 billion in 2020 – more than double the amount in 2019. AIIB president Jin Liqun said the bank was “looking at the possibility of supporting the countries when the vaccines are made available”. “The World Bank and ADB have allocated resources to finance the vaccines, which is, in my view, very very important and we will certainly do this,” Jin said at a press briefing in Beijing marking the bank’s fifth anniversary. He also said the post-pandemic recovery was likely to be slow and the road forward would be “arduous and uneven”. “The turning point is not likely to come until after safe and effective vaccines are made available and … applied universally,” Jin said. In October, the World Bank approved US$12 billion to help developing countries buy and distribute coronavirus vaccines, and for testing and treatment. The Asian Development Bank followed that in December, announcing a US$9 billion financing plan for vaccines. China-led AIIB failing on human rights, environment in India and Bangladesh: activists Over the next five years, the AIIB will prioritise financing for health care, fighting climate change, digitalisation and educating young people to adapt to fast-evolving technology so that they are prepared for employment, Jin said. It would continue funding infrastructure projects but this year’s focus was the pandemic and resource allocation would be reviewed to deal with the virus, he said. With global vaccine production expected to be “very high”, Jin said there would be enough doses available for countries that could not make them. “I think this is very much an important job for the international community, to make sure that the vaccines will reach out to the people as quickly as possible,” he said. “Only on that basis could it be possible for us to go ahead with normal business.” In the long run, the AIIB planned to invest in safe new energy projects such as solar and wind but not nuclear power, Jin said. The bank has set a goal of having half of its funding go to projects to fight climate change by 2025 to facilitate the transition to carbon neutrality. “What is critical is phasing out fossil fuels and phasing in renewable energy to ensure the growth and livelihoods will not be adversely affected throughout the entire process,” Jin said.