(Yicai Global) April 3 -- Beijing's Asian Infrastructure Investment Bank is looking to form a USD5 billion facility to help its more than 100 member countries and regions to overcome the Covid-19 pandemic.

The AIIB has proposed setting up the Crisis Recovery Facility to its board of directors after world leaders reached a consensus at the Extraordinary G20 Leaders Summit to step up international coordination to counter the crisis, the multilateral lender said in a statement today.

The CRF would allocate the funds over the next 18 months for qualified projects in the fields of public health infrastructure and manufacturing in member countries that include Thailand, Afghanistan, and India. Moreover, the AIIB is exploring how to use its Project Preparation Special Fund to target developing economies.

"The international community needs to come together to pool our resources to help the world navigate the current pandemic and economic upheaval," wrote AIIB President Jin Liqun. "AIIB is committed to playing its full part."

Kicked off in January 2016, the AIIB lends money to improve Asia's social and economic conditions.

Editor: Emmi Laine